Days after corporate raider Carl Icahn announced his intention to attempt a total replacement of the SandRidge Energy Board of Directors, the company responded Monday saying it has attempted to get his input but he has refused the offers.
The lengthy statement said in part:
“SandRidge welcomes shareholder input and will review all qualified candidates for nomination to the board of directors. SandRidge has specifically offered Icahn Capital, on more than one occasion, the opportunity to submit qualified, independent candidates for the board’s consideration. None have been put forth. To the extent Icahn Capital nominates any candidates for election at the annual meeting, the nominating and corporate governance committee will thoroughly review those candidates and make a recommendation to the shareholders.”
The company said it welcomes shareholder input and will review all qualified candidates for nomination.
“SandRidge has specifically offered Icahn Capital, on more than one occasion, the opportunity to submit qualified, independent candidates for the board’s consideration. None have been put forth.”
The company said should any be offered by Icahn, the nominating and corporate governance committee would thoroughly review the candidates and make recommendations to the shareholders at the upcoming annual meeting.
Icahn has been at odds with the board ever since it attempted a nearly $750 million acquisition of an energy company in Denver, Colorado. Pressure he applied forced the board to end the purchase. Since then, he has been critical of the board.
His latest actions prompted the board on Monday to also state it was committed to maximizing long-term shareholder value.
“Since our extensive, in person discussions with many large shareholders last December and January, the SandRidge board has made changes to the company’s leadership team, modified and clarified our strategic objectives, implemented a focused capital program with moderate outspend and committed to reducing general and administrative cash expenses by one-third.”