SandRidge clarifies argument against shareholder revolt
SandRidge Energy Inc. has clarified one of its arguments against a leadership change being pushed by one of its largest shareholders.
SandRidge Energy Inc. on Friday clarified its argument against the leadership change being pursued by one of its largest shareholders.
Hedge fund TPG-Axon Capital is asking fellow shareholders to oust CEO Tom Ward and the rest of the SandRidge board, citing the poor performance of the company's stock since its initial public offering in 2007.
SandRidge directors have urged shareholders to vote against TPG-Axon's plan to replace them, claiming the new board members proposed by the hedge fund do not have the necessary experience to guide the company. A key point in a Dec. 27 regulatory filing was a potential $4.3 billion price tag for a “change in control” at the company.
The company had said the change would trigger a default on its credit agreement, requiring SandRidge to offer to buy back all of its outstanding senior notes.
In a filing Friday, SandRidge said such an offer likely would be denied because those notes are trading for more than the repurchase price specified in its indentures. It concluded a change in control would not have a “material consequence” at this time.
Business Photo Galleriesview all
- 11641Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 11150Oklahoma tornadoes: Cost, custom keep basements scarce
- 7793Finding Addyson – One family's struggle in the Moore tornado
- 7658Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 4653Downtown wish list includes Super Target
- 4189OU softball: Sooners inspired by Casey Angle, run-rule Texas A&M
- 3570Miranda Lambert, Reba McEntire, Vince Gill to join Blake Shelton at "Healing in the Heartland" Oklahoma tornado benefit