logo
Plus   Neg
Share
Email

SandRidge Energy Emphasizes Openness To Asset Sale, Proposals For Entire Company

SandRidge Energy, Inc. (SD) announced the company is undertaking a strategic review process to determine which avenues would maximize value for the company, which could include a sale of the company or significant assets of the company. The company said all potential bidders will be encouraged to participate in the process. RBC Capital Markets, LLC, which had previously been retained by the company to pursue and assist in evaluating such sale possibilities has been reaffirmed in that assignment to increase the number of potential bidders for the company, including non-U.S. entities, which had previously not been pursued. The previously announced June 25th deadline for submission of bids has been extended to provide time for additional potential bidders.

Currently, SandRidge has entered into 26 confidentiality agreements with parties that remain actively pursuing a possible transaction with the company; 10 involving the entire company, including Midstates Petroleum, and 16 focused solely on the North Park assets. The company is continuing to negotiate with 3 additional parties to execute confidentiality agreements, and all but one of those potential additional participants are focused solely on the North Park assets.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT