TPG-Axon, beneficial owner of 7.3 percent of the outstanding shares of
SandRidge Energy (NYSE: SD) (“SandRidge” or the “Company”), noted
Delaware Chancery Court Judge Leo E. Strine Jr.’s ruling that SandRidge
Energy’s Board of Directors violated its fiduciary duty to shareholders
by refusing to approve TPG-Axon’s slate of highly-qualified director
nominees for purposes of the Company’s “Proxy Puts”.
As a result of this “fundamental offense to the dignity of the corporate
office,” the Court barred SandRidge from continuing to solicit consent
revocations until TPG-Axon’s director nominees are approved for purposes
of the Proxy Puts and invalidated all consent revocations already
received.
In regards to the ruling, TPG-Axon
See full press release
Posted in: News, Guidance, Management, M