Icahn slams SandRidge board ahead of shareholder vote

|About: SandRidge Energy, Inc. (SD)|By:, SA News Editor

The war of words continues between SandRidge Energy (SD -0.9%) directors and activist investor Carl Icahn, less than a week before a key shareholder vote on the composition of SD's board.

Icahn tells SD shareholders that they "do not trust that the current directors are willing or able to do the things necessary to fix SandRidge," fearing among other things that the board will "bungle the strategic review 'process' (if there indeed even is one to speak of) or, worse, actively work to prevent any transactions (such as one with Midstates Petroleum) that will not perpetuate their own existence" and "saddle the company with another value-destructive deal like Bonanza Creek resulting in another termination fee and another windfall for the company’s advisors but nothing for stockholders."

Earlier this week, SD restated its request that investors re-elect all five company directors along with two of Icahn's nominees, saying "Icahn is seeking to gain control of the company without paying an appropriate premium... Two new board members provide Icahn with board representation well in excess of its ownership, and the election of more than two Icahn could be detrimental to the progress of the impartial strategic review process and the future stability of SandRidge."

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