Energy

SandRidge says its been approached by 17 potential buyers

Sandridge Energy Inc.
Source: Sandridge Energy Inc.

SandRidge Energy said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.

Activist investor Carl Icahn has criticized SandRidge's leadership, got the company to back out of its planned buyout of rival Bonanza Creek Energy and forced the removal of the company's chief executive and chief finance officer.

The activist investor, who had offered to buy the company in April, added two more nominees to his board slate in May, demanding more influence after SandRidge expanded its board to seven directors from five to accommodate the activist Icahn's demand.

The annual shareholders meeting is slated for next Tuesday.

The company also said Midstates Petroleum did not agree to its buyout terms, even after month-long negotiations with the smaller rival. The U.S based oil and gas producer had rejected an all-stock bid from Midstates Petroleum in March.

The company's shares were slightly higher in premarket trading.