Dec 24 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
TPG-Axon last month it would solicit support from other
shareholders to replace the company's board, citing poor
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