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KALLICK v. SANDRIDGE ENERGY, INC.

No. CIV.A. 8182-CS.

68 A.3d 242 (2013)

GERALD KALLICK, on behalf of himself and all other similarly situated stockholders, Plaintiff, v. SANDRIDGE ENERGY, INC., a Delaware Corporation, Tom L. Ward, Jim J. Brewer, Everett R. Dobson, William A. Gilliland, Daniel W. Jordan, Roy T. Oliver, Jr., and Jeffrey S. Serota, Defendants.

Court of Chancery of Delaware.

Decided: March 8, 2013.

Attorney(s) appearing for the Case

Stuart M. Grant, Esquire , Michael J. Barry, Esquire , Bernard C. Devieux, Esquire , Grant & Eisenhofer P.A., Wilmington, Delaware; Mark Lebovitch, Esquire , Jeremy Friedman, Esquire , Bernstein Litowitz Berger & Grossman LLP, New York, New York, Attorneys for Plaintiff Gerald Kallick.

Donald J. Wolfe, Jr., Esquire , T. Brad Davey, Esquire , Justin Morse, Esquire , Potter Anderson & Corroon LLP, Wilmington, Delaware; C. William Philips, Esquire , Mark P. Gimbel, Esquire , Covington & Burling LLP, New York, New York, Attorneys for Defendants SandRidge Energy, Inc., Tom L. Ward, Jim J. Brewer, Everett R. Dobson, William A. Gilliland, Daniel W. Jordan, Roy T. Oliver, Jr., and Jeffrey S. Serota.

OPINION

STRINE, Chancellor.

The incumbent management and board of SandRidge Energy, an oil and natural gas business focusing on domestic exploration and production, face a serious proxy fight. A hedge fund, TPG-Axon ("TPG"), which holds a 7% stake in SandRidge, has launched a consent solicitation to destagger SandRidge's seven-member board by amending the company's bylaws,1 remove all...

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