With the annual shareholders meeting of SandRidge Energy set for June 19, the company’s board of directors continues its sparring with activist investor Carl Icahn.
Directors sent yet another letter to shareholders urging them to re-elect all five directors as well as two nominees from Icahn’s camp. And he did the same.
“Icahn is seeking to gain control of the company without paying an appropriate premium and disrupt the ongoing strategic review process at the expense of other shareholders,” repeated the directors. “There is no benefit to providing Icahn with additional board representation beyond the two independent nominees your board already recommends.”
Shareholders also received a letter from Icahn in which he responded to the continued critical claims of the board of directors.
“In a last-ditch desperate attempt to distract your attention away from their own horrible record, the incumbent directors have seen fit to hand millions upon millions of your dollars to ‘defense’ advisors to create pretty, colorful charges which intentionally misrepresent our investment record in the energy sector,” he claimed
He defended his energy record, noting that he sold his shares in National Energy in 2006 for $1.5 billion, a return of more than 321 percent.