TPG-Axon, owner of 6.7% of the outstanding shares of SandRidge Energy, Inc. ( SD ) has sent a third letter to SandRidge's Board of Directors, noting that it has filed a lawsuit in Delaware Chancery Court contesting the validity of the declared Initial Consent Date noted in SandRidge's 8-K, dated December 21, 2012, relating to TPG-Axon's proposals to amend the company's bylaws and remove and replace members of the current Board of Directors.
TPG-Axon also stated that it plans to file consent solicitation documents with the U.S. Securities and Exchange Commission today. TPG-Axon is seeking to replace SandRidge's entire Board of Directors.
SD shares are down 0.2% at $6.245.
After TPG-Axon's consent solicitation is mailed to SandRidge shareholders in early January, SandRidge shareholders of record as of December 13, 2012 will have up to 60 days to submit their written consent for TPG-Axon's proposals.
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