SandRidge, Arena Settle 6 Of 9 Shareholder Suits

Law360, New York (May 28, 2010, 2:39 PM EDT) -- SandRidge Energy Inc. and Arena Resources Inc. have tentatively settled six of nine proposed shareholder class actions over a $6.2 billion merger plan that Arena shareholders claimed undervalued the company.

The companies said in a joint statement Thursday that they had reached an agreement in principle to settle six of the suits and that three others filed in Oklahoma County State District Court had been stayed.

Under the proposed settlement, SandRidge and Arena would amend the merger agreement announced in April to reflect the method of...
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