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Oklahoma-based SandRidge Energy adopts 'poison pill' plan

SandRidge Energy Inc. directors on Monday adopted a stockholder rights plan that could protect the company from an unwanted takeover attempt.
by Adam Wilmoth Modified: November 19, 2012 at 8:50 pm •  Published: November 19, 2012

Mount Keller Capital Management LP — which holds a 4.5 percent stake in SandRidge — last week said the Oklahoma City energy company should be worth $20 a share, nearly four times its closing price Monday of $5.62 a share.

“SandRidge has not merely failed to even remotely maximize the potential of its assets, but it has destroyed stockholder value,” Mount Keller wrote in a letter last week to SandRidge's board.

That letter followed less than a week after TPG-Axon Capital called for a new CEO at SandRidge and for the directors to consider selling the company. TPG-Axon controlled 6.2 percent of SandRidge shares as of last week.

“Although we are enthusiastic about the value potential in SandRidge, we have grown increasingly concerned about the ability of this management team, or of the board of directors, to protect shareholder interest,” TPG-Axon CEO Dinakar Singh wrote in a letter to the SandRidge directors.

Besides the comments from the two active investors, passive investor Fairfax Financial Holdings on Friday told regulators it has increased its stake in SandRidge to 10.4 percent.

SandRidge shares gained 28 cents, or 5.2 percent, Monday to close at $5.62 on the New York Stock Exchange. In after-hours trading, the stock price slipped 13 cents, or $2.3 percent, to $5.49.

CONTRIBUTING: Jay F. Marks and Paul Monies,

Business Writers

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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