Investment firm TPG-Axon Capital intends to enlist other SandRidge Energy Inc. shareholders in its quest to restructure the Oklahoma City-based oil company's leadership.
“We would emphasize and reiterate that the time has come for change, and for a focus on delivering shareholder value,” TPG-Axon CEO Dinakar Singh said. “We continue to believe that SandRidge stock is dramatically undervalued, and that a sensible restructuring or sale of the company could provide dramatic upside for shareholders.”
The investment firm sent its second letter to SandRidge's board of directors on Friday, seeking to have the company restructured or sold to restore shareholder value.
SandRidge confirmed Friday it had received the latest letter from TPG-Axon.
“We've received the letter and are reviewing it,” spokesman Greg Dewey said. “As we've said previously, we are in regular dialogue with our investors and focused on improving performance and building value for our shareholders.”
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We would emphasize and reiterate that the time has come for change, and for a focus on delivering shareholder value.”