Icahn demands removal of two SandRidge board members

Business


(Reuters) – Top shareholder and activist investor Carl Icahn on Tuesday called for the resignation of two of SandRidge Energy’s (SD.N) board members, days after thwarting the oil and gas company’s deal to buy Bonanza Creek Energy Inc (BCEI.N) for $746 million.

Icahn said in a letter to the board that he wanted to nominate one new director, while the other would be determined by other large shareholders. (bit.ly/2maIfz6)

Icahn also demanded that any major changes to SandRidge’s business, including deals, share issuance and executive compensation, must be passed only after a super majority approval by the board.

SandRidge was forced to call off its acquisition of smaller rival Bonanza Creek last month in the face of opposition from Icahn and other major shareholders.

Reporting by Taenaz Shakir in Bengaluru; Editing by Arun Koyyur



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