Tags: icahn | probe | sandridge | books | records

Icahn Wants to Probe SandRidge Books, Records

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Friday, 01 December 2017 02:07 PM

Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc., according to a regulatory filing on Friday, a day after he called the company's bid for Bonanza Creek Energy Inc. "value-destroying."

Icahn seeks to investigate the compensation of SandRidge's senior management, including Chief Executive James Bennett, the proposed acquisition of Bonanza Creek and the recent poison pill plan laid out by SandRidge, according to the filing.

SandRidge did not immediately respond to a request for comment.

Icahn, the largest shareholder of SandRidge, had said he was prepared to begin litigation against the company.

SandRidge offered to buy Bonanza Creek for $746 million to expand its presence in the Denver-Julesburg Basin of Colorado.

In a letter to SandRidge's board on Thursday, Icahn said the shareholder rights plan adopted earlier this week was designed to prevent large shareholders from campaigning against the deal.

Icahn disclosed a 13.5 percent stake in SandRidge on Nov. 22.

SandRidge's shares were up 0.5 percent at $18.70, while Bonanza Creek rose 2 percent to $28.30.

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Activist investor Carl Icahn has asked to inspect certain books and records of SandRidge Energy Inc., according to a regulatory filing on Friday, a day after he called the company's bid for Bonanza Creek Energy Inc. "value-destroying."
icahn, probe, sandridge, books, records
174
2017-07-01
Friday, 01 December 2017 02:07 PM
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