Carl Icahn Buys 13.51% Stake In SandRidge Energy; To Oppose Bonanza Creek Deal

(RTTNews) - Billionaire activist-investor Carl Icahn has brought a 13.51 percent stake in SandRidge Energy, according to a Securities and Exchange Commission filing. The investor also joined with other shareholders to oppose the company's proposed acquisition of Bonanza Creek, citing its too expensive.

Icahn said the deal makes little sense, and that he would vote against it. The stake makes him the biggest holder of SandRidge shares.

Oklahoma City-based SandRidge last week announced a $746 million deal to buy rival Bonanza Creek.

Another activist investor Fir Tree Partners, which owns more than 8 percent of SandRidge, also opposed the deal, saying the price is too high. The company said an acquisition would drain all of the oil and gas producer's cash.

Icahn also has stakes in CVR Energy and Cheniere Energy.

SandRidge, an oil and gas producer, emerged from bankruptcy late last year, while Bonanza did so in April this year following a recovery in oil prices.