UPDATE 2-Activist Icahn gains control of board in proxy fight at SandRidge Energy [Reuters]
SandRidge Energy, Inc. (SD)
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Source: Reuters
Activist Icahn gains control of board in proxy fight at SandRidge Energy | Reuters 3 Min Read OKLAHOMA CITY (Reuters) - Activist investor Carl Icahn on Tuesday won a battle for control of SandRidge Energy, winning at least four of seven seats on the board of the U.S. shale producer that he wants to sell. Shareholders elected four of Icahn’s seven-person slate and two nominees put forth by the Oklahoma City, Oklahoma oil and gas company, according to preliminary results. The final director’s position was too close to call, a company spokesman said. The company’s poison pill and executive compensation plan were rejected by shareholders, another victory for Icahn, who had urged a ‘no’ vote for both. Icahn, who owns a 13.6 percent stake in the company, launched a fight for control of the board this year, arguing directors overpaid company executives, signed off on a costly deal that was later withdrawn, and failed to pursue a February takeover proposal. Shares in the Oklahoma City company
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