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SandRidge asks shareholders to reject plan

SandRidge on Thursday urged shareholders to reject a plan to oust its directors, noting that such a move would be a “change of control” that would require SandRidge to offer buybacks on more than $4 billion in senior notes.

BY ADAM WILMOTH Published: December 28, 2012

SandRidge and TPG-Axon agree that shareholders have 60 days to cast their votes, but they disagree as to when the clock should start. SandRidge on Thursday reiterated its belief that the voting period began on Dec. 19. TPG-Axon, however, has said the voting will begin when the U.S. Securities and Exchange Commission responds to its Wednesday filing.

The shareholder this week filed a lawsuit in Delaware Chancery Court to address the question.

TPG-Axon has said SandRidge is undervalued, noting that its stock price has dropped 80 percent from its IPO level in 2007.

“The destruction of stockholder value has been caused by poor and erratic strategic decisions, reckless spending, and a culture of cronyism and waste that has drained value from the company,” the shareholder said in its regulatory filing Wednesday.

Another institutional investor, equity firm Mount Kellett Capital Management LP, has urged SandRidge to replace Ward. It contends the company’s stock is vastly undervalued.

SandRidge stock gained 16 cents, or 2.6 percent, Thursday to close at $6.41 before SandRidge directors filed their response. The stock price then slipped a penny in after-hours trading.

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