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Icahn nominates five to replace entire SandRidge board

Reuters  |  HOUSTON 

By Ernest Scheyder

HOUSTON (Reuters) - Billionaire on Monday nominated a five-person slate of his employees and business associates to replace the Inc board of directors, escalating his fight for control of the U.S. 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.

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 Inc and forced the removal of the company's chief.

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

A SandRidge 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 City-based SandRidge, which produces in 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 first amassed his majority stake last fall.

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.


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 and Nicholas Graziano, both of whom work for the investor's companies.

The other three nominees are and who have worked with refining company CVR Inc, which is majority owned by Icahn, and Randolph Read, who has worked with investment fund

has not always been successful in agitating for change at companies. In 2016, his at Chesapeake 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 in Bengaluru; editing by and Cynthia Osterman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 23:32 IST