SandRidge Energy Inc. ( SD - Get Report
) terminated its agreement to acquire Bonanza Creek Energy Inc. ( BCEI - Get Report
) falling victim to a campaign against the deal that was led by activist investor Carl Icahn.
Soon after SandRidge announced the planned acquisition, initially valued at about $750 million, in November, Icahn, who owns a 13.5% stake in SandRidge, blasted the deal as overpriced.
"We're obviously pleased with the result but we still have grave concerns about many of the things that the board has permitted to happen at the company," Icahn said in an interview
with Bloomberg after the announcement.