SandRidge Energy urges shareholders to reject ouster proposal
BY ADAM WILMOTH NewsOK.com
Saturday, December 29, 2012
12/29/12 at 5:51 AM
OKLAHOMA CITY - Directors of SandRidge Energy are urging shareholders to reject a plan to oust the company's board, saying the proposed move would be a "change of control" that could cost the company more than $4.3 billion.
TPG-Axon Capital Management LP, which controls about 6.7 percent of Sand- Ridge stock, on Wednesday called for its fellow shareholders to replace the Sand- Ridge directors with a slate of its choosing.
In a regulatory filing Thursday, SandRidge Energy Inc. said a change of control would "trigger an event of default" under the company's credit agreement and require SandRidge to offer to buy back all of its outstanding notes in a move that would cost the company $4.3 billion.
Oklahoma City-based Sand- Ridge also would lose its $775 million in available borrowing capacity under its revolving credit facility, the company said.
Original Print Headline: SandRidge urging shareholders to reject ouster attempt
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