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Carl Icahn on Wednesday, April 4, said he planned to launch a full-slate director battle at oil and natural gas producer Sandridge Energy Inc. (SD) and committed to run a formal process to evaluate strategic alternatives "in a timely manner" that could include a bid from the billionaire insurgent himself. Icahn is seeking to replace the entire five-person Sandridge board, since all directors are elected annually. 

The move comes after Sandridge on March 19 rejected an unsolicited merger offer made last month by competitor Midstates Petroleum Co. (MPO). SandRidge said the offer, which would have seen its shareholders take control of 60% of the combined company, was not in the best long-term interests of its stockholders. It tapped BRC Capital Markets to evaluate its strategic options, adding that it had received "indications of interest regarding alternative transactions from other oil and gas companies."

The company's strategic review includes an evaluation of divestment or joint venture opportunities associated with its North Park Basin assets and potential corporate and asset combination options with other Mid-Continent operators.

However, the company's strategic review may be moving in a direction or pace not to Icahn's liking. 

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