TPG-Axon, beneficial owners of 6.5% of the outstanding shares of SandRidge Energy, Inc. (NYSE: SD), sent a second letter today to SandRidge’s Board of Directors. In the letter, TPG-Axon reiterated its desire to run a process to restructure or sell the Company, responds to SandRidge’s third quarter earnings announcement and provides greater detail on the market’s loss of confidence in management based on their poor strategy and structural challenges including staggering overhead costs. TPG-Axon also notified SandRidge of its intent to conduct a consent solicitation of shareholders to amend the bylaws of SandRidge to:
- de-stagger the board of directors;
- provide that directors be removed with or without cause; and,
- remove and replace the current board of directors.