Icahn takes control of Sandridge board:
https://www.reuters.com/article/us-s...-idUSKBN1JF229
Interesting to see what will happen with Sandridge
Sandridge really has very little remaining impact on the OKC economy.
The last time they did layoffs they were down to 189 employees and I bet that number is even smaller now.
Whatever happens, almost certainly their tower and garage will go on the market, and that's a good thing as both are sitting pretty much empty in the heart of downtown as the Parkside Building has done for years. At least with the latter we have a new buyer who will bring more workers downtown.
Change is usually good... Prolonged uncertainty is almost always bad.
I've heard two schools of thought.
1st. Ichan buys them take them private and slowly sells off all the assets to various companies.
2nd. Ichan buys SD takes it private. Then starts buying up other post bankrupt energy companies, merging them into Sandridge, and IPO as a new entity. Sandridge would be well positioned for this because they have the facility already in place to support a larger company. His next target is likely Midstates.
Hope it's the latter!
I heard they were only taking up a few floors now in their building
Bye, bye Sandridge. Icahn will do only what serves Icahn which will be to do what he can to improve it's sales value and sell it off.
Is Icahn a modern day 'Edward Lewis'?
Oklahoma City, the RENAISSANCE CITY!
wouldn't that put him on the #metoo list?
Icahn is about the last of the true corporate raiders. These are ultra-wealthies who would buy a large quantity of a company's stock so they could force their way onto the company board of directors, place a loyal CEO and often sell the company either in pieces or as a whole to another company. Sometimes, they have worked out the company, improved it's financials and eventually sold their stock at a good profit so they don't always kill the company. He has been involved in CHK recently but I'm not sure he still is or not. Many people don't remember T Boone Pickins was one back in the 70s and 80s. Icahn is acting right out of his playbook with SD.
This game of shifting deck chairs among OKC O&G companies is discouraging. Empty or near empty buildings, layoffs, takeovers all indicate instability and does not make me confident OKC should or will remain a significant employer. Companies moving from one building to another represents neutral absorbson. Call me a pessimist but these events do not reflect vibrancy. Add the GE Baker Hughes news
Lol.
https://newsok.com/article/5607812/s...uy-the-company
SD rejects all offers, looks to buy assets. Midstates, bonanza creek, and Chaparral will all likely be on that list.
I'm assuming that's a good thing, right?
Reports that SandRidge is cutting its headquarters jobs from 120 to 57.
57 people working in that 30-story tower.
People, let's all stop referring to OKC as a major O&G player. Those days are long gone
Well that stinks.
I just wonder what is to become of Houston ...much more O&G than OKC.
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