Icahn nominates five to replace entire SandRidge board

By Ernest Scheyder

HOUSTON (Reuters) - Billionaire activist investor Carl Icahn on Monday nominated a five-person slate of his employees and business associates to replace the SandRidge Energy Inc board of directors, escalating his fight for control of the U.S. shale oil producer.

The move sets up a showdown at SandRidge's annual meeting later this year between the existing board and the hard-driving investor who has been trying to force the company to sell itself outright to either himself or another potential bidder.

Icahn has spent recent months blasting SandRidge's leadership, at one point accusing it of an apparent "disregard for any semblance of accountability."

He has successfully scuttled SandRidge's planned buyout of rival Bonanza Creek Energy Inc and forced the removal of the company's chief executive and finance chief.

Now, Icahn has set his sights on the company's board.

A SandRidge spokesperson said the company will be reviewing Icahn's proposed candidates and declined further comment.

Icahn, who waited until a Monday deadline to nominate his slate, did not immediately respond to a request for comment.

Shares of Oklahoma City-based SandRidge, which produces oil in Oklahoma and Colorado, were off a penny at $14.64 in afternoon trading on Monday.

SandRidge's stock has lost nearly a third of its value since January, far below levels where Icahn first amassed his majority stake last fall.

Icahn had telegraphed earlier this month that he was likely to nominate directors. He has said he is willing to make an all-cash offer to buy the company.

SandRidge has not set a date for its 2018 shareholder meeting. The 2017 meeting was held in June. Most companies hold their annual meetings at the same time each year.

NOMINEES

Icahn's slate includes current employees and employees or board members of companies he has controlled.

Icahn, who owns about 13.5 percent of SandRidge's float, nominated Jonathan Frates and Nicholas Graziano, both of whom work for the investor's companies.

The other three nominees are John Lipinski and Bob Alexander who have worked with refining company CVR Energy Inc , which is majority owned by Icahn, and Randolph Read, who has worked with investment fund Nevada Strategic Credit Investment.

Icahn has not always been successful in agitating for change at energy companies. In 2016, his hand-picked director at Chesapeake Energy Corp resigned in what was widely seen as a tacit admission that the investor's turnaround strategy was not working fast enough.

(Additional reporting by Karan Nagarkatti in Bengaluru; editing by David Gregorio and Cynthia Osterman)

Related News

Philippine mining firms urge minister to publish...

Feb 7, 2017

US-PHILIPPINES-MINING:Philippine mining firms urge minister to publish audit

China, United States cannot afford conflict:...

Feb 7, 2017

US-AUSTRALIA-CHINA-TRUMP:China, United States cannot afford conflict: Chinese foreign minister

Bitcoin hits one-month high after China FX...

Feb 7, 2017

US-GLOBAL-MARKETS-BITCOIN:Bitcoin hits one-month high after China FX reserves fall

China 'mending its ways' on unethical organ...

Feb 8, 2017

US-VATICAN-TRANSPLANTS-CHINA:China 'mending its ways' on unethical organ transplants, official says

Tillerson stresses cooperation in calls with...

Feb 7, 2017

US-USA-ASIA-TILLERSON:Tillerson stresses cooperation in calls with Australia, Japan, South Korea

China says United States should 'brush up on'...

Feb 8, 2017

US-SOUTHCHINASEA-CHINA-USA:China says United States should 'brush up on' South China Sea history

About Us

In the busy city of New York, News On Express fills you in with all the breaking world news, in short, and brief news articles so that you can read them on-the-go.

Contact us: sales[at]newsonexpress.com

Subscribe Now!