Having one of his nominees named chairman of Oklahoma City-based SandRidge Energy and being in control of its board of directors apparently is enough for investor Carl Icahn.
After final results of the annual shareholders’ meeting were announced Monday, Icahn indicated he did not intend to be among those seeking to buy the company. The billionaire signed a confidentiality agreement giving observer rights to his representatives on the board, according to an announcement by SandRidge Energy.
“The Company arranged with Icahn that, subject to compliance with the confidentiality agreement, it would provide certain Icahn representatives board observer rights, with such rights being terminable at any time and subject to certain limited exceptions,” stated SandRidge Energy in the announcement.
At least 17 potential bidders have been in contact with the company, expressing interest in acquiring the firm’s drilling rights on more than 500,000 acres in Oklahoma, Kansas and Colorado.
One of Icahn’s successfully-elected directors, Jonathan Frates, an executive with Icahn Enterprises LP was named chairman of the board on Monday.
“I am honored to be selected by my fellow board members to serve as chairman in this pivotal moment in the history of SandRidge,” he said in a statement. Frates has been with Icahn Enterprises LP since 2015 and previously was a senior business analyst at First Acceptance Corp.
Another Icahn nominee, Randolph C. Read was named chairman of the company’s audit committee while John J. Lipinski was elected chairman of the firm’s compensation committee. Robert Alexander was chosen chairman of the nominated and governance committee.
SandRidge, in its announcement stated that other Board of Directors members elected by shareholders were Sylvia K. Barnes, Jonathan Christodoro, William M. Griffin and David Kornder. Following last week’s meeting, the company agreed to expand the number of directors to eight.