UPDATE 1-TPG-Axon files lawsuit in SandRidge board battle

Mon Dec 24, 2012 1:15pm EST

Dec 24 (Reuters) - Hedge fund TPG-Axon plans to file documents with U.S. regulators on Monday that would allow it to proceed with its efforts to oust the board of oil and gas company SandRidge Energy Inc.

TPG-Axon, which owns 6.7 percent of SandRidge, said it also filed a lawsuit contesting the validity of the initial consent date provided by SandRidge relating to the hedge fund's proposal to replace members of the company's board.

A SandRidge spokesman was not immediately available for comment.

TPG-Axon last month it would solicit support from other shareholders to replace the company's board, citing poor management.

TPG-Axon said on Monday that after its consent solicitation is mailed to shareholders in early January, stockholders of record as of Dec. 13 will have up to 60 days to submit consent for TPG-Axon's proposals.

TPG-Axon and another large shareholder, Mount Kellett Capital, have been pressing SandRidge to replace its board and chief executive and for an outright sale of the company.

SandRidge last week struck a deal to sell its Permian Basin properties in west Texas for $2.6 billion.

SandRidge shares closed down 1 cent at $6.25 on the New York Stock Exchange.

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