Vote looms on SandRidge stocks
SandRidge Energy Inc. shareholders likely will vote early next year on an activist investor's push for a change in leadership at the Oklahoma City oil company.
Thursday was the deadline to determine which shareholders will be eligible to vote in the consent solicitation launched by investment firm TPG-Axon Capital, one of SandRidge's largest shareholders.
TPG-Axon CEO Dinakar Singh has written two letters to SandRidge's board in the past month calling for a management change.
Singh contends SandRidge is undervalued for a company with its asset base.
He wants to eliminate the staggered term for SandRidge board members and amend the company's bylaws to provide for board members to be removed with or without cause so the current board can be replaced.
The investment firm expects to file paperwork with the U.S. Securities and Exchange Commission in the coming weeks to set a vote on the consent solicitation.
TPG-Axon needs to garner support from more than 51 percent of SandRidge shareholders to proceed with its planned changes. The firm has created a website, shareholdersforsandridge.com, to inform other shareholders of its concerns.
SandRidge declined to comment on the process Thursday.
By Jay F. Marks, Business Writer