SC 13D/A 1 p13-0907sc13da.htm 13-0907 - SANDRIDGE ENERGY, INC.

 

 

SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
 

SandRidge Energy, Inc.

(Name of Issuer)
 

Common Stock, par value $0.001 per share

(Title of Class of Securities)
 

8007T101

(CUSIP Number)
 
 

Dinakar Singh

TPG-Axon Management LP

888 Seventh Avenue, 38th Floor

New York, New York 10019

(212) 479-2000

 

With a copy to:

Marc Weingarten and David E. Rosewater

Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

 
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

March 1, 2013

(Date of Event Which Requires Filing of This Statement)
 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ]

 

(Page 1 of 15 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 2 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon Management LP

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

36,216,000 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

36,216,000 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

36,216,000 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.3%

14

TYPE OF REPORTING PERSON

PN

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 3 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon Partners GP, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

13,460,641 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

13,460,641 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

13,460,641 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

2.7%

14

TYPE OF REPORTING PERSON

PN

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 4 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon GP, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

36,216,000 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

36,216,000 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

36,216,000 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.3%

14

TYPE OF REPORTING PERSON

OO

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 5 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon Partners, LP

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

WC

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

13,460,641 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

13,460,641 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

13,460,641 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

2.7%

14

TYPE OF REPORTING PERSON

PN

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 6 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon International, L.P.

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

WC

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

18,784,229 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

18,784,229 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

18,784,229 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

3.8%

14

TYPE OF REPORTING PERSON

PN

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 7 of 15 Page

 

1

NAME OF REPORTING PERSON

TPG-Axon International GP, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

18,784,229 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

18,784,229 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

18,784,229 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

3.8%

14

TYPE OF REPORTING PERSON

OO

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 8 of 15 Page

 

1

NAME OF REPORTING PERSON

Dinakar Singh LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

36,216,000 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

36,216,000 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

36,216,000 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.3%

14

TYPE OF REPORTING PERSON

OO

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 9 of 15 Page

 

1

NAME OF REPORTING PERSON

Dinakar Singh

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

36,216,000 shares of Common Stock

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

36,216,000 shares of Common Stock

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

36,216,000 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.3%

14

TYPE OF REPORTING PERSON

IN

         

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 10 of 15 Page

 

1

NAME OF REPORTING PERSON

Stephen C. Beasley

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) x

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:		 7

SOLE VOTING POWER

3,000 shares of Common Stock

8

SHARED VOTING POWER

0

9

SOLE DISPOSITIVE POWER

3,000 shares of Common Stock

10

SHARED DISPOSITIVE POWER

0

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,000 shares of Common Stock

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

0.0%

14

TYPE OF REPORTING PERSON

IN

         

 

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 11 of 15 Page

 

This Amendment No. 3 ("Amendment No. 3") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on November 13, 2012 (the "Original Schedule 13D"), Amendment No. 1 to the Original Schedule 13D, filed on November 30, 2012 ("Amendment No. 1") and Amendment No. 2 to the Original Schedule 13D, filed on December 26, 2012 ("Amendment No. 2" and together with the Original Schedule 13D, Amendment No. 1 and this Amendment No. 3, the "Schedule 13D"), with respect to the common stock, par value $0.001 per share (the "Common Stock"), of SandRidge Energy, Inc., a Delaware corporation (the "Issuer"). Capitalized terms used herein and not otherwise defined in this Amendment No. 3 have the meanings set forth in the Schedule 13D. This Amendment No. 3 amends Items 3, 4, and 5 as set forth below.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
   
Item 3 of the Schedule 13D is hereby amended and restated in its entirety as follows:
   
 

TPG-Axon used approximately $281,074,090 (including brokerage commissions) in the aggregate to purchase the Common Stock reported in this Schedule 13D. Approximately $21,750 (including brokerage commissions) in the aggregate was used to purchase the Common Stock reported herein as beneficially owned by Mr. Beasley.

 

The source of the funds used to acquire the Common Stock of TPG-Axon reported herein is the working capital of TPG-Axon Domestic and TPG-Axon International and margin borrowings described in the following sentence. Such shares of Common Stock are held by TPG-Axon in commingled margin accounts, which may extend margin credit to TPG-Axon from time to time, subject to applicable federal margin regulations, stock exchange rules and credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts. The margin accounts bear interest at a rate based upon the broker’s call rate from time to time in effect. Because other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Stock of TPG-Axon reported herein.

 

The source of the funds used to acquire the Common Stock reported herein as beneficially owned by Mr. Beasley is the funds of the family trust for which he serves as trustee and none of the funds used to purchase such Common Stock were provided through borrowings of any nature.

 

Item 4. PURPOSE OF TRANSACTION
   
Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
   
 

On January 18, 2013, TPG-Axon filed with the SEC a definitive consent statement on Schedule 14A in connection with its Consent Solicitation.

 

On March 1, 2013, in compliance with the bylaws of the Issuer, TPG-Axon Domestic submitted its formal notice of intent (the "Notice") to present proposals (the "Proposals") and nominate directors at the 2013 annual meeting of stockholders of the Issuer (including any adjournment or postponement thereof or any special meeting held in lieu thereof, the "Annual Meeting"). The

 

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 12 of 15 Page

 

  Notice stated that, at the Annual Meeting, TPG-Axon intends to present proposals to (i) amend the Issuer's bylaws to, among other things, eliminate the Issuer's classified board structure and provide that directors may be removed with or without cause, (ii) remove each of the four incumbent directors who are not standing for election at the Annual Meeting and (iii) fill the vacancies created by the removal of such directors with four individuals nominated by TPG-Axon Domestic. In addition, TPG-Axon Domestic intends to nominate three individuals for election to the directorships with terms that are presently scheduled to expire at the Annual Meeting. TPG-Axon Domestic intends to nominate the following seven individuals for election to the Board, either to fill the vacancies created by the removal of the incumbent directors pursuant to its Proposals or in opposition to the incumbents whose terms are presently scheduled to expire at the Annual Meeting: Stephen C. Beasley, Edward W. Moneypenny, Fredric G. Reynolds, Peter H. Rothschild, Dinakar Singh, Alan J. Weber and Dan A. Westbrook. Although the Reporting Persons have received a very strong response from the Issuer's stockholders in their ongoing Consent Solicitation and, assuming the Consent Solicitation is successful, the Reporting Persons will not be required to present the Proposals or nominate candidates in their capacity as stockholders at the Annual Meeting, the Reporting Persons submitted the Notice in order to preserve their rights to so present the Proposals and nominate candidates at the Annual Meeting.

 

Item 5. INTEREST IN SECURITIES OF THE ISSUER
   
Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and restated in their entirety as follows:
   
 

(a) and (b) See the rows numbered 7, 8, 9, 10, 11 and 13 on each of the cover pages to this Schedule 13D, which are incorporated into this Item 5 by reference. As of the close of business on March 4, 2013, the Reporting Persons, collectively, may be deemed to beneficially own, in the aggregate, 36,219,000 Shares, representing approximately 7.3% of the Issuer’s outstanding Common Stock. Such Shares include an aggregate of 36,216,000 Shares beneficially owned by TPG-Axon through ownership of the Shares by TPG-Axon Domestic, TPG-Axon International and the Account, representing approximately 7.3% of the Issuer’s outstanding Common Stock. In addition, such Shares include an aggregate of 3,000 Shares which may be deemed to be beneficially owned by Mr. Beasley, representing approximately 0.0% of the Issuer’s outstanding Common Stock. The percentages used herein and in the rest of this Schedule 13D are calculated based upon the 493,991,081 shares of Common Stock outstanding as of February 22, 2013, as reported in the Issuer’s Annual Report on Form 10-K filed with the SEC on March 1, 2013.

 

(c) Schedule A hereto (which is incorporated by reference in this Item 5 as if restated in full herein) sets forth all transactions with respect to the Shares effected by any of the Reporting Persons during the past 60 days.

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 13 of 15 Page

 

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: March 5, 2013

 

 

 

TPG-AXON MANAGEMENT LP

 

  By: TPG-Axon GP, LLC, general partner
   
  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer
 

 

 

TPG-AXON GP, LLC

 

  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer
 

 

 

TPG-AXON PARTNERS GP, L.P.

 

  By: TPG-Axon GP, LLC, general partner
   
  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer
 

 

 

TPG-AXON PARTNERS, LP

 

  By: TPG-Axon Partners GP, L.P., general partner
   
  By: TPG-Axon GP, LLC, general partner
   
  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer

 

 

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 14 of 15 Page

 

 

 

 

 

TPG-AXON INTERNATIONAL GP, LLC

 

  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer

 

 

 

TPG-AXON INTERNATIONAL, L.P.

 

  By: TPG-Axon International GP, LLC, general partner
   
  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Chief Executive Officer
 

 

 

DINAKAR SINGH LLC

   
  /s/ Dinakar Singh
  Name:  Dinakar Singh
  Title:     Managing Member
   
   
  /s/ Dinakar Singh
  Dinakar Singh
   
   
  /s/ Stephen C. Beasley
  Stephen C. Beasley

 

 

 
CUSIP No. 8007T101SCHEDULE 13D/APage 15 of 15 Page

 

Schedule A

The following table sets forth all transactions with respect to the Shares effected during the past 60 days by any of the Reporting Persons.  Mr. Beasley has not effected any transactions in the last 60 days. Except as otherwise noted, all such transactions in the table were effected in the open market, and the table includes commissions paid in per share prices.

 

TPG-Axon Domestic

 

Date of Transaction Shares Purchased (Sold) Price per Share($)
2/15/2013 454,541 5.8872
3/1/2013 37,330 5.1727
3/1/2013 242,645 5.2558
3/1/2013 149,320 5.366
3/4/2013 149,320 5.7251
3/4/2013 130,655 5.6329
3/4/2013 37,330 5.6952

 

TPG-AxonInternational

 

Date of Transaction Shares Purchased (Sold) Price per Share($)
2/15/2013 628,429 5.8872
3/1/2013 51,770 5.1727
3/1/2013 336,505 5.2558
3/1/2013 207,080 5.366
3/4/2013 207,080 5.7251
3/4/2013 181,195 5.6329
3/4/2013 51,770 5.6952

 

Account

 

Date of Transaction Shares Purchased (Sold) Price per Share($)
2/15/2013 133,030 5.8872
3/1/2013 10,900 5.1727
3/1/2013 70,850 5.2558
3/1/2013 43,600 5.366
3/4/2013 43,600 5.7251
3/4/2013 38,150 5.6329
3/4/2013 10,900 5.6952