SandRidge approves TPG board nominees

Waiting game: SandRidge and CEO Tom Ward await vote on shareholder proposal

Embattled SandRidge Energy said it has approved the candidates for a new group of directors proposed by an activist shareholder that is trying to reshape the company.

The approval follows a court order last week that barred the Oklahoma City-based explorer from resisting the nominations of hedge fund TPG-Axon, SandRidge's third largest shareholder that is pushing for an overhaul of the board.

"The board continues to oppose the election of the director candidates proposed by the TPG-Axon group, believes their election is not in the best interest of the company’s stockholders, and recommends that stockholders support the company’s existing experienced board of directors," SandRidge wrote in a securities filing on Tuesday.

Shareholders are set to vote…

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