(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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.