Fir Tree Partners said it ’s joining Carl investors in opposing SandRidge Energy ’s plan to issue shares to fund a $ 750 m acquisition of a rival oil explorer Bonanza Creek company . Fir Tree said that the takeover issuance would be “ extremely destructive ” and dismissed the proposed purchase as " nonsensical empire - building . " The New York - backed hedge fund said it owns about 8.2 % of its shares , while Icahn owns 10 % . Holders of more than 25 % of the company have come out against the deal .
Fir Tree Partners said it’s joining Carl Icahn in opposing SandRidge Energy’s plan to issue shares to fund a $750m takeover of a rival oil explorer Bonanza Creek Energy. Fir Tree said that the stock issuance would be “extremely destructive” and dismissed the proposed purchase as "nonsensical empire-building." The New York-based hedge fund said it owns about 8.2% of SandRidge shares, while Icahn owns 13.5%. Holders of more than 25% of the company have come out against the deal.