November 27, 2017
SandRidge Energy adopts poison pill
© Reuters. SandRidge Energy adopts poison pill
- SandRidge Energy (NYSE:SD) says it adopted a shareholder rights plan, just days after Carl Icahn disclosed a 13.5% stake in the company as well as his opposition to its takeover bid for Bonanza Creek Energy (NYSE:BCEI).
- SD says the rights plan is designed to protect its shareholders’ right to vote on the proposed deal for BCEI and deter anyone from taking control of the company, to be triggered when ownership exceeds 10%.
- If ratified by shareholders, the rights plan would last through Nov. 26 next year.
- Now read: Daily Insider Ratings Round Up 11/17/17: LXRX, SQBG, BCEI, AXDX, AAT, JOE, HK