The Wall Street Journal: SandRidge Energy spurns takeover bid by Midstates Petroleum

SandRidge Energy Inc. has rejected Midstates Petroleum Co.’s unsolicited offer, saying the numbers didn’t make a deal feasible, but it has hired advisers and said it is open to other options — that may include Midstates.

The decision to turn down Midstates’ stock-merger bid, SandRidge said Monday, “was primarily based on significantly differing opinions of Midstates’ proven oil and gas reserves, largely related to the assessment of the number of economically viable drilling locations at current oil and gas prices.”

A representative from Midstates MPO, +2.24% couldn’t be immediately reached for comment Monday, but last week, when the company reported financial results, Midstates Chief Executive David Sambrooks said the bid would create “a strong formidable company that unlocks substantial value for both of our shareholders.

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