Billionaire activist investor Carl Icahn and US independent SandRidge Energy continued their war of words this week as they battle for shareholder votes at an upcoming meeting, writes Julia Martinez.

The board nominations are at the centre of the ongoing spat — seen more recently via scathing press releases and critical investor presentations — as Icahn attempts to replace the entire board with his own slate of candidates. Both Icahn and SandRidge have addressed points ranging from a failed $746 million takeover of Bonanza Creek Energy, the ousting of the company’s chief executive and chief financial officers, the rejection of a Midstates Petroleum merger, and the overall competency of their board choices, among other things.

SandRidge, which emerged from Chapter 11 bankruptcy in October 2016, made room for two additional board members in May and nominated independent Icahn nominees, Jack Lipinski and Randolph Read, to fill those slots. Icahn himself refused.

“We do not believe the incumbent directors may simply hide behind ‘business judgment’ to explain away this corporate waste but rather should be required to demonstrate how their actions do not constitute gross negligence or a breach of the duties they owe to SandRidge and its stockholders,” Icahn said in a statement addressing various points such as the Bonanza Creek Energy deal and the former chief executive’s severance pay.

Icahn, who says he is championing the fight against the board in support of all shareholders, is SandRidge’s largest individual stockholder with a 13.6% stake.

“Don’t be fooled by Icahn’s false and misleading campaign and don’t let Icahn disrupt the ongoing process,” the SandRidge board said.

Weekly

Bitter battle between Icahn and SandRidge continues