logo
Plus   Neg
Share
Email

Midstates Proposes All-stock Merger With SandRidge Energy - Quick Facts

Midstates Petroleum Company, Inc. (MPO) announced it has proposed to combine with SandRidge Energy, Inc. (SD) in an all-stock merger. Under the terms of the proposal, SandRidge shareholders would own approximately 60% of the combined company and Midstates shareholders would own 40%. SandRidge shareholders would receive 1.068 shares of Midstates for each existing SandRidge share.

David Sambrooks, Midstates CEO, said, "We are ready to move forward immediately to negotiate a merger agreement to form a stronger, more formidable company. The combined company will have zero net debt, strong liquidity, and forecasted free cash flow generation of up to $480 million over the next five years."

Midstates also sent a letter to the Board of SandRidge detailing the merger proposal. "We want to emphasize that it remains our strong preference to execute this transaction on a negotiated basis with SandRidge's current Board. This proposal, which has received the unanimous support of our Board, is non-binding and subject to satisfactory completion of due diligence and the execution of mutually acceptable definitive agreements."

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Amazon.com Inc.'s (AMZN) Chief Executive Jeff Bezos has told the company's employees said that the tech giant is not too big to fail, according to media reports. Shares of Nordstrom Inc. (JWN) slipped 10 percent in extended hours on Thursday after the department store chain's full-year revenue outlook fell short of Street estimates. Seattle-based Nordstrom's third-quarter profit dropped to $67 million or $0.39 per share from $114 million or $0.67 per share... Shares of Nvidia Corp. (NVDA) plunged 16% in extended session on Thursday after chip designer's third-quarter revenues and fourth quarter outlook fell short of Wall Street estimates. Santa Clara, California-based Nvidia's third-quarter profit surged to $1.23 billion or $1.97 per share from $838 million...
Follow RTT