One of Sandridge Energy's largest shareholders is continuing to push for the company to be sold.
TPG-Axon, which holds 6.5 percent of Sandridge stock, sent a letter Nov. 8 to CEO Tom Ward and the board of directors of the Oklahoma City oil company complaining of inside deals, excessive spending and weak management, and calling for dramatic changes.
TPG-Axon upped the ante Friday in reiterating its call for a sale and serving notice that it would push for other shareholders to change the company's bylaws and change the board of directors.
"We would emphasize and reiterate that the time has come for change, and for a focus on delivering shareholder value," Dinakar Singh, founder and CEO of TPG-Axon, wrote in the letter. "We continue to believe that Sandridge stock is dramatically undervalued, and that a sensible restructuring or sale of the company could provide dramatic upside for shareholders."
Sandridge has not responded to the latest letter. However, in its response to the initial letter, the company pledged to work with investors to address their concerns but took issue with the need for an overhaul of the company's direction or its management.
Sandridge's board adopted a plan on Nov. 19 to make it more difficult for a hostile takeover.
Sandridge stock was up $0.23, to $5.90, at 12:30 p.m. Friday.