Covington Counsels SandRidge In $6.2B Arena Deal

Law360, New York (April 5, 2010, 3:00 PM EDT) -- Oil and gas exploration company SandRidge Energy Inc. has agreed to absorb industry competitor Arena Resources Inc. in a cash and stock deal valued at about $6.2 billion.

SandRidge will shell out $2.50 in cash and 4.78 shares of SandRidge stock for each share of Arena common stock , the companies announced Sunday. That exchange values Arena at about $40 per share, SandRidge said, giving shareholders a 17 percent premium over Thursday's closing price.

Picking up Arena is part of a larger strategy to delve deeper...
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