Oklahoma City-Based Sandridge Energy Withdraws Offer for Crusader

Summary

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SandRidge Energy Inc., which is traded on the New York Stock Exchange as SD, announced last week it will no longer seek to purchase bankrupt Crusader Energy Group Inc.

Earlier this year, SandRidge was named by a federal bankruptcy court as the 'stalking horse' bidder for Crusader. At that time, SandRidge said it would pay about $230 million for all shares of Crusader. However, because additional bidders have submitted proposals to the court, SandRidge said it was withdrawing its offer.

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Oklahoma City-Based Sandridge Energy Withdraws Offer for Crusader

"We remain committed to a disciplined approach to managing the company," said SandRidge's CEO, Tom Wa...

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