Hedge fund firm TPG-Axon Capital Management is in a bitter battle with oil and gas company SandRidge Energy.
Reuters reported that Oklahoma-based SandRidge is asking its shareholders to reject the hedge fund’s bid to oust its board.
eVestment reported last week that New York-based TPG-Axon, which owns about 6.7% of the oil and gas company’s outstanding shares, announced in a statement that it was looking to replace SandRidge’s entire Board of Directors with more “qualified” directors.
TPG-Axon also accused SandRidge CEO Tom Ward of “[resorting] to shameful tricks to try and confuse shareholders and shorten the period of time in which they have to vote” on proposed amendments to the company’s bylaws.
With additional offices in London, Hong Kong and Tokyo, TPG-Axon manages about $4 billion in assets.