• Kallick v. SandRidge Energy, Inc.: Delaware Court of Chancery Enjoins Board from Resisting Insurgent Director Slate; Will Limit Use of Debt Change of Control Put Provisions
  • March 18, 2013
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • In an opinion issued on March 8, 2013, the Delaware Court of Chancery preliminarily enjoined the board of SandRidge Energy, Inc. from impeding a consent solicitation by one of the Company’s largest stockholders to replace the incumbent directors, finding that the directors likely would be breaching their duty of loyalty if they did not “approve” the insurgent slate in the face of a change of control put provision in the company’s public notes that would be triggered upon election of an unapproved dissident slate.