TPG-Axon Sends Third Letter to SandRidge Energy's Board of Directors
NEW YORK - (BUSINESS WIRE) - TPG-Axon, owner of 6.7% of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD) (the "Company" ), today sent a third letter to SandRidge's Board of Directors.
In the latest letter, TPG-Axon notes that it has filed a lawsuit in Delaware Chancery Court contesting the validity of the declared Initial Consent Date noted in SandRidge's 8-K, dated December 21, 2012, relating to TPG-Axon's proposals to amend the Company's bylaws and remove and replace members of the current Board of Directors.
TPG-Axon also stated that it plans to file consent solicitation documents with the U.S. Securities and Exchange Commission (the "SEC" ) today. TPG-Axon is seeking to replace SandRidge's entire Board of Directors with a slate of directors that are highly qualified, of high integrity, and driven by shareholder interest. After TPG-Axon's consent solicitation is mailed to SandRidge shareholders in early January, SandRidge shareholders of record as of December 13, 2012 will have up to 60 days to submit their written consent for TPG-Axon's proposals.
Related Business Wire News