SandRidge shareholder pushing for changes
BY JAY F. MARKS NewsOK.com
Thursday, November 08, 2012
OKLAHOMA CITY - One of SandRidge Energy Inc.'s largest shareholders is pushing for a change in management at the Oklahoma City-based oil company.
Investment firm TPG-Axon Capital, which owns more than 4.5 percent of SandRidge's outstanding stock, contends the market has lost confidence in the company's management, as evidenced by its 76 percent decline since its initial public offering in 2007. SandRidge's stock also has dropped more than 91 percent since its peak in 2008.
“Although we are enthusiastic about the value potential in SandRidge, we have grown increasingly concerned about the ability of this management team, or of the board of directors to protect shareholder interests,” TPG-Axon CEO Dinakar Singh wrote in a letter to SandRidge's board.
The investment firm called on SandRidge to reconfigure its board and management team, including replacing CEO Tom Ward, and hire an adviser to explore strategic alternatives
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