UPDATE 1-TPG-Axon says ruling shows SandRidge directors' folly
March 10 (Reuters) - Hedge fund TPG-Axon said on Sunday that a Friday court ruling barring the board of SandRidge Energy Inc from resisting its campaign to replace the energy firm's board shows precisely why the change is needed. During TPG-Axon's efforts to seek shareholder solicitations to replace SandRidge's directors, they "acted in a manner to entrench themselves and prevent a fair process from playing out," the hedge fund said. Friday's ruling by a Delaware judge, which prevents SandRidge from seeking to revoke those shareholder consents or rely on any revocations it had received, further demonstrates why the directors must replaced, TPG-Axon said, noting that the board has "shown disregard" for stockholders. TPG-Axon, which owns 7.3 percent of SandRidge, said shareholders that support its slate should submit their consents before March 13. A spokesman for SandRidge was not immediately available to comment on Sunday outside of regular business hours.
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