SandRidge approves director candidates proposed by dissident shareholder

Following a court order, Oklahoma City-based SandRidge Energy Inc. on Tuesday backed off its language about the takeover attempt by dissident shareholder TPG-Axon.
by Adam Wilmoth Modified: March 12, 2013 at 8:56 pm •  Published: March 12, 2013
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TPG-Axon, which controls 7.3 percent of SandRidge stock, criticized the Oklahoma City company for taking so long to clarify its earlier statement.

“It is frankly embarrassing and unfortunate that it took the board two months, a lawsuit and a stern ruling by Judge Strine that they may have breached their fiduciary duty, to finally do the right thing for shareholders,” TPG-Axon said in a statement Tuesday.

“This is yet another poor use of shareholder money, a stark example of how the board has attempted to entrench themselves and a reason why immediate change is necessary.”

SupportSandRidge.com, the company's website to educate shareholders about its fight against TPG-Axon, was still down late Tuesday, but SandRidge spokesman Greg Dewey said it should be online again by Wednesday morning.

The site had been unavailable since shortly after Friday's court ruling.

SandRidge shareholders have until Friday to decide if they want to keep the current directors or replace them with TPG-Axon's nominees. Results from the vote are expected Monday.

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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