February 6, 2018 / 11:21 AM / 6 months ago

BRIEF-Midstates Petroleum offers to merge with SandRidge Energy

Feb 6 (Reuters) - Midstates Petroleum Company Inc:

* MIDSTATES PETROLEUM PROPOSES COMBINATION WITH SANDRIDGE ENERGY IN ALL-STOCK TRANSACTION

* MIDSTATES PETROLEUM COMPANY SAYS HAS PROPOSED TO COMBINE WITH SANDRIDGE ENERGY IN ALL-STOCK MERGER

* MIDSTATES PETROLEUM COMPANY INC - COMBINED COMPANY WOULD ACHIEVE GREATER THAN $70 MILLION IN ANNUAL SYNERGIES

* MIDSTATES PETROLEUM COMPANY INC - ‍SANDRIDGE SHAREHOLDERS WOULD OWN APPROXIMATELY 60% OF COMBINED COMPANY AND MIDSTATES SHAREHOLDERS WOULD OWN 40%​

* MIDSTATES PETROLEUM - SENT LETTER TO BOARD OF SANDRIDGE DETAILING MERGER PROPOSAL AND “ITS STRONG DESIRE TO NEGOTIATE A FRIENDLY TRANSACTION”

* MIDSTATES PETROLEUM COMPANY INC - ‍COMBINED CO TO BE LED BY DAVID J. SAMBROOKS, MIDSTATES’ PRESIDENT AND CHIEF EXECUTIVE OFFICER​

* MIDSTATES PETROLEUM COMPANY - COMBINED CO WOULD ACHIEVE PROJECTED ANNUAL FREE CASH FLOW OF OVER $100 MILLION AND ACCRETION TO BOTH SETS OF SHAREHOLDERS

* MIDSTATES PETROLEUM COMPANY INC - ‍SANDRIDGE SHAREHOLDERS WOULD RECEIVE 1.068 SHARES OF MIDSTATES FOR EACH EXISTING SANDRIDGE SHARE​

* MIDSTATES PETROLEUM COMPANY INC - ‍THERE IS SIGNIFICANT SHAREHOLDER OVERLAP BETWEEN TWO COMPANIES OF APPROXIMATELY 40%​

* MIDSTATES PETROLEUM - ‍COMBINED CO TO HAVE “ZERO NET DEBT, STRONG LIQUIDITY”, FORECASTED FREE CASH FLOW GENERATION OF UP TO $480 MILLION OVER NEXT 5 YRS​

* MIDSTATES PETROLEUM - PROPOSAL TO SANDRIDGE ENERGY HAS SUPPORT OF FIR TREE PARTNERS AND AVENUE CAPITAL GROUP, CO’S LARGEST SHAREHOLDERS Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below