SandRidge Energy (SD) Received Constent to Amend Bylaws, Remove Directors
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On December 19, 2012, SandRidge Energy, Inc. (NYSE: SD) received written consents, dated December 19, 2012, from a stockholder of record on December 13, 2012 relating to the proposals by TPG-Axon Partners, LP to (i) amend the Amended and Restated Bylaws of the Company to eliminate the division of the Company’s Board of Directors into classes and to permit the removal of directors by stockholders with or without cause and (ii) remove members of the Board as proposed by TPG-Axon.
Consequently, under Section 228 of the Delaware General Corporation Law, the TPG-Axon Consent Proposals will become effective if valid, unrevoked consents to such actions signed by the holders of a majority of the shares of the Company’s common stock, par value $0.001 per share, outstanding as of the Record Date are delivered to the Company within 60 days after the Initial Consent Date.
Consequently, under Section 228 of the Delaware General Corporation Law, the TPG-Axon Consent Proposals will become effective if valid, unrevoked consents to such actions signed by the holders of a majority of the shares of the Company’s common stock, par value $0.001 per share, outstanding as of the Record Date are delivered to the Company within 60 days after the Initial Consent Date.
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