SandRidge builds website to counter shareholder action
SandRidge Energy Inc. on Friday unveiled a new website, SupportSandRidge.com, where it is urging shareholders to reject TPG-Axon's effort to replace its directors.
SandRidge Energy Inc. on Friday unveiled a new website to help it fight an ongoing challenge from one of its largest shareholders.
The site — SupportSandRidge.com — contains information about SandRidge's directors, letters to shareholders and instructions for voting against the shareholder action.
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Shareholder TPG-Axon has blamed SandRidge management for the stock price falling 80 percent over the five years since its initial public offering. TPG-Axon has asked shareholders to vote out SandRidge's directors and replace them with a slate of its own choosing.
SandRidge has called TPG-Axon an “opportunistic, short-term investor,” and has asked shareholders to reject the plan.
Voting began this week and will be open until March 15.
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