SandRidge Strikes $230M Deal To Acquire Crusader

Law360, New York (September 23, 2009, 1:05 PM EDT) -- Oklahoma City-based SandRidge Energy Inc. has agreed to pay $230 million in cash and common stock to acquire bankrupt Crusader Energy Group Inc. and its units as wholly owned subsidiaries, the companies said Wednesday.

Under the proposed agreement, SandRidge will buy all the shares of common stock that Crusader plans to issue after its Chapter 11 reorganization.

The deal also requires SandRidge to issue warrants to Crusader and some of its creditors for the purchase of two million shares of SandRidge common stock valued at $11...
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