TPG-Axon, beneficial owner of 7.3 percent of the outstanding shares of
SandRidge Energy SD (“SandRidge” or the “Company”), noted
Delaware Chancery Court Judge Leo E. Strine Jr.'s ruling that SandRidge
Energy's Board of Directors violated its fiduciary duty to shareholders
by refusing to approve TPG-Axon's slate of highly-qualified director
nominees for purposes of the Company's "Proxy Puts".
As a result of this "fundamental offense to the dignity of the corporate
office," the Court barred SandRidge from continuing to solicit consent
revocations until TPG-Axon's director nominees are approved for purposes
of the Proxy Puts and invalidated all consent revocations already
received.
In regards to the ruling, TPG-Axon
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