SandRidge shares soar on takeover talk

SandRidge speculation: Takeover talk continues amid higher trading

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News Wires

 07 December 2012 18:44 GMT

Shares of US oil and gas company SandRidge Energy climbed more than 6% on Friday in a rally fueled by speculation over a possible takeover, an analyst said.

Two of SandRidge's large shareholders, Mount Kellett Capital Management and TPG-Axon Capital have urged a sale of the company in recent weeks, Reuters reported.

TPG-Axon is also soliciting support from other stakeholders to oust the company's board of directors.

"I think it's all related to TPG-Axon's saber rattling in hopes of being able to bring about some sort of transaction," Curtis Trimble, oil analyst for Global Hunter Securities, told the news wire.

But Trimble thinks a takeover deal for the Oklahoma City, Oklahoma-based company would be unlikely because of the company's hefty debt load…

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