Carl Icahn To Nominate Full Sandridge Energy Board Slate

(RTTNews) - Carl Icahn plans to nominate a full slate to the board of Sandridge Energy Inc. (SD) that would commit to seeking strategic alternatives for the company.

The billionaire investor, who said he has "grave concerns" about the current board's ability to run a review of its own, added he would be willing to put in an all-cash offer for the company that would allow shareholders the decision to monetize their investment or continue on as an investor.

"Obviously if the new board were presented with a higher offer from another party, and the reporting persons did not top it, that offer would be presented to stockholders," Icahn, which is the Oklahoma-based explorer's largest shareholder with a 13.5 percent stake, said in the filing.

The investor said he believes that if the new strategic review were run by the current board, it is "likely to be value destructive" because of its "history of making poor decisions on behalf of stockholders."