NEW YORK Nov 13 Hedge fund TPG-Axon, which is
agitating for changes at SandRidge Energy Inc, said on
Tuesday it has raised its ownership stake in the U.S. oil and
gas company to 6.2 percent from under 5 percent.
TPG-Axon said it owns 23 million shares - about 4.7 percent
of SandRidge's outstanding shares - and controls another 7.5
million through derivative transactions.
Last week, the fund called for SandRidge to consider selling
itself and for Chief Executive Tom Ward to step down, saying
management's strategy has been "incoherent, unpredictable and
volatile." At that point, it said it owned more than 4.5 percent
Dinakar Singh, the former co-head of Goldman Sachs Group
Inc's proprietary trading desk, Principle Strategies,
founded TPG-Axon Capital Management in late 2004 after a 14-year
career at the investment bank.
While not typical of its strategy, TPG-Axon has used
activism previously to try to boost returns. In one instance in
2006 the hedge fund began a campaign for changes at Triad
Hospitals, which in 2007 agreed to a $4.7 billion buyout by two
private equity buyers.
SandRidge shares gained 3.9 percent to close at $5.60 on