SandRidge Energy Inc. shareholder TPG-Axon Capital on Tuesday received the regulatory approval it needed to officially begin its effort to replace the Oklahoma City energy company's directors.
TPG-Axon, which owns about 6.7 percent of SandRidge's outstanding stock, has said the vote will be open until 60 days after the first consent vote is cast. TPG-Axon said it intends to deliver its vote Wednesday, setting the deadline for March 15.
SandRidge, however, has said the vote began last month and that voting will close Feb. 17. TPG-Axon has filed a lawsuit in Delaware challenging SandRidge's timeline.
SandRidge on Tuesday reiterated its request that shareholders reject the plan.
Earlier this week, Reuters reported that SandRidge CEO Tom Ward opened his company's books to Bank of Oklahoma Chairman George Kaiser in 2008 to secure a personal loan, according to the deal's agreement. Bank of Oklahoma also has been a lender to SandRidge.