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.
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