SandRidge Energy shareholder sets up website
TPG-Axon Capital has set up a website to educate SandRidge Energy Inc. shareholders about its push for changes at the Oklahoma City-based oil company.
The activist shareholder pushing for leadership changes at SandRidge Energy Inc. has set up a website to educate shareholders about its upcoming consent solicitation.
Investment firm TPG-Axon Capital, which owns 6.5 percent of SandRidge's outstanding stock, has called for sweeping changes at the company to maximize shareholder value.
It launched the website shareholdersforSandRidge.com to garner support for its efforts.
TPG-Axon wants shareholders to amend the company's bylaws to make it easier to replace SandRidge's board of directors. It has also called on the company to replace CEO Tom Ward.
SandRidge has set Thursday as the deadline to determine which shareholders are eligible to vote on TPG-Axon's proposal.
A ‘poison pill'
The Oklahoma City-based oil company also adopted a shareholder rights plan commonly known as a “poison pill” last month to protect it from a hostile takeover after TPG-Axon and another large shareholder wrote to its board about a change in management.
TPG-Axon and Mount Kellett Capital Management LP contend the company's current leadership has failed to maximize the potential of SandRidge's oil-rich assets.
Mount Kellett said the company should be worth $20 a share.
SandRidge closed Friday at $6.79, up 34 cents. It was trading at $6 on Nov. 7 before TPG-Axon sent the first of its two letters to SandRidge's board.
Business Photo Galleriesview all
- 10801Oklahoma tornadoes: Cost, custom keep basements scarce
- 10490Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 10422Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 9824Finding Addyson – One family's struggle in the Moore tornado
- 6498Miranda Lambert, Reba McEntire, Vince Gill to join Blake Shelton at "Healing in the Heartland" Oklahoma tornado benefit
- 4191Downtown wish list includes Super Target
- 4093Oklahoma tornadoes: 27 remain hospitalized from tornadoes