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Mergers & Acquisitions Deal Analysis - SandRidge Energy to Merge with Arena Resources
GlobalData, May 2010, Pages: 18
Mergers & Acquisitions Deal Analysis - SandRidge Energy to Merge with Arena Resources
Summary
SandRidge Energy, Inc (SandRidge Energy) entered into a definitive merger agreement with Arena Resources, Inc (Arena Resources) in a stock and cash transaction. The transaction is valued at approximately $1.6 billion. Under the terms of agreement, Arena Resources’ shareholders will receive stock and cash consideration valued at $40 per share of Arena Resources common stock based on SandRidge Energy's April 1, 2010 closing price. The offer price represents a 17% premium for Arena Resources shareholders. SandRidge Energy will issue 4.7771 shares of common stock and pay $2.50 in cash for each share of Arena Resources common stock, resulting in a combined enterprise value of approximately $6.2 billion.
Following the transaction, SandRidge Energy will be the surviving company, headquartered in Oklahoma City and its management team will continue in their current roles. The combined company will have more than 200,000 net acres in the Permian Basin and 5,700 identified locations to drill primarily in the shallow San Andres and the Clear Fork formations. SandRidge Energy also owns low risk natural gas properties in the Pinon Field, and significant exploration opportunities in the West Texas Overthrust.
Deutsche Bank Securities Inc. is serving as financial and Covington & Burling LLP is acing as legal advisor to SandRidge Energy where as Tudor, Pickering, Holt & Co. Securities, Inc. is acting as financial advisor and Johnson & Jones, P.C. is acting as legal advisor to Arena Resources with respect to the transaction. The transaction is expected to complete in June or July 2010
Scope
- Rationale behind Sandridge Energy's acquisition of Arena Resources in the US
- Strategic Benefits for Arena Resources to merge with Sandridge Energy
- Geography covered - US
- Deal Financials and Valuations
- Information on Sandridge Energy Inc. and Arena Resources Inc.
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, Joint Ventures and Asset Transactions taking place in North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the US oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
- Know about the major companies, which are adopting a divestment or acquisition strategy to enhance their business portfolios
- Learn about the key fiancial advisors in a particular segment in the Oil & Gas Industry
- Understand the various means of raising funds from the market.
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