Activist investor likely to have won control of US oil and gas driller SandRidge
Final votes are still being counted but Carl Icahn is expected to have won seven board seats — rejecting an offer of two of his board nominees as a compromise
New York — Activist investor Carl Icahn is expected to have won control of embattled oil and gas driller SandRidge Energy’s board based on preliminary results, according to people familiar with the matter. Icahn is expected to have won a majority of the seven board seats at the Oklahoma-based explorer, said the people, who asked not to be identified because results hadn’t been officially released. Final votes were still being counted on Tuesday morning, and the ultimate result wasn’t yet certain, one of the people said. SandRidge’s top shareholder has been pushing since November for changes at the company, which has seen its stock plummet more than 40% since a 2016 bankruptcy. Under pressure from Icahn in recent months, SandRidge has canceled the acquisition of a rival driller, dismissed top executives and announced it’s open to a partial or full sale of the company. The producer expanded its board from five to seven members earlier this year and offered to seat two Icahn nominees a...
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