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%.
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