SandRidge Energy's biggest shareholder Carl Icahn called for the resignation of two of the company's board members, after forcing the management to abandon the purchase of Bonanza Creek.
PWT will expand its midstream platform in the Cotton Valley and Haynesville plays.
Activist investors controlling roughly 28% of SandRidge stock have said the deal pays too much for Bonanza, an assertion SandRidge rejects.
Icahn called SandRidge's bid for Bonanza Creek "value-destroying" and said the shareholder rights plan adopted earlier this week was designed to prevent large shareholders from campaigning against the deal.
One of the three research analysts covering SandRidge has written off the deal, acknowledging the merits of concerns by investors including Carl Icahn.
Activist investor Carl Icahn last week became the second major shareholder to oppose the bid for Bonanza Creek after disclosing a 13.51% stake in SandRidge.
Shares of SandRidge, which had fallen nearly 22% since the beginning of the year, dropped another 15% on Nov. 15 after the deal was announced.
SandRidge agreed to acquire debt-free Bonanza Creek’s D-J Basin assets in a cash-and-stock transaction at a 17.4% premium.
Manny, who has been with the Fort Worth-based company since 2003, plans to retire after Range's 2018 annual stockholder meeting in May, according to the company press release.
Enable said the acquisition of Align extends the company's footprint in the Haynesville and Cotton Valley shale plays with increasing producer activity.