SandRidge Board Can't Hinder Hedge Fund's Director Bids

Law360, Wilmington (March 8, 2013, 10:20 PM EST) -- Responding to a shareholder class action, a Delaware judge on Friday granted a preliminary injunction blocking SandRidge Energy Inc.'s board from interfering with a hedge fund's attempt to install its own slate of directors.

Upset with the energy exploration company's performance, hedge fund TPG-Axon Capital Management LP launched a bid to replace its entire board through a consent solicitation, a move that the current board told investors would trigger a “proxy put” under change-of-control provisions in its debt documents.

The proxy put would force SandRidge to...
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