SandRidge Energy Inc. (NYSE: SD) on March 19 rejected smaller rival Midstates Petroleum Co. Inc.'s (NYSE: MPO) all-stock bid, calling the offer "highly dilutive".
However, the company said it had received interest regarding "alternative transactions" from other producers. SandRidge did not provide further details.
"Midstates Petroleum continues to believe in the merits of the SandRidge Energy transaction proposed on Feb. 6, 2018. Midstates is considering its options with respect to that transaction," a Midstates Petroleum spokesman said.
RELATED: Midstates Petroleum Makes Public Pitch To Merge With SandRidge
SandRidge also said it would explore strategic options, including divestment or joint venture opportunities at its North Park Basin assets in Colorado.
Oklahoma-based Midstates Petroleum, backed by activist shareholder Fir Tree Partners, had offered to buy SandRidge last month after activist shareholder Carl Icahn scuppered SandRidge's plans to buy Bonanza Creek Energy Inc. (NYSE: BCEI).
Under Midstates offer, SandRidge shareholders were to hold 60% of the combined company.
SandRidge's shares fell 2.8% in aftermarket trading, while Midstates' stock was up 2.2%.
Recommended Reading
Midcontinent NatGas Pipeline Seeks Permit to Boost Capacity
2024-12-10 - Southern Star Central Gas Pipeline told the FERC more natural gas is needed for markets in Kansas and Missouri.
Boardwalk Project Steps Up in Competitive Southeast Market
2024-12-12 - Boardwalk Pipelines' Kosciusko Junction project has reached FID as power generation and data centers’ energy demand pull natural gas to the eastern Gulf Coast.
Midstreamers Say Need for More Permian NatGas Pipelines Inevitable
2024-11-26 - The Permian Basin’s associated gas output could outstrip the region’s planned capacity well before the end of the decade, pipeline company executives said.
Energy Transfer Reaches FID on 2.2 Bcf/d Permian Pipeline Project
2024-12-08 - Energy Transfer said the newly renamed Hugh Brinson Pipeline—formerly known as Warrior—will deliver Permian Basin gas to the Dallas/Fort Worth market and beyond.
Matterhorn NatGas Pipeline Ramps Up Faster Than Expected
2024-10-22 - The Matterhorn Express natural gas pipeline has exceeded expectations since its ramp up on Oct. 1 for deliveries to interstate systems owned by Kinder Morgan, Williams and Enbridge.