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Sunday, October 24, 2021

SandRidge expands board to allow two Icahn nominees

SandRidge expands board to allow two Icahn nominees© Reuters. An electronic display identifies the post that trades SandRidge Energy stock on the floor of the New York Stock Exchange

(Reuters) – SandRidge Energy (N:) said on Friday it would increase its board size to seven from five to allow investors to elect two of activist investor Carl Icahn’s nominees.

The billionaire investor last month nominated a five-person slate looking to replace the board, but SandRidge in an SEC filing on Friday said adding more than two Icahn nominees could delay a strategic alternatives review.

Icahn, who owns about 13.5 percent of SandRidge’s float, has successfully scuttled SandRidge’s planned buyout of rival Bonanza Creek Energy Inc (N:) and forced the removal of the company’s chief executive and finance chief.

Icahn Enterprises did not immediately respond to a request for comment.

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Source: Investing.com

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