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Carl Icahn blasts SandRidge Energy's poison pill move

  • SandRidge Energy adopted a poison pill plan amid strong opposition for its Bonanza Creek Energy deal.
  • Activist investor Carl Icahn called the oil and gas company's move "a new low in corporate governance."
  • Icahn owns 13.5 percent of SandRidge.
Carl Icahn, billionaire activist investor, waits for Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, not pictured, to speak at an election night event in New York, U.S., on Tuesday, April 19, 2016.
Victor J. Blue | Bloomberg | Getty Images
Carl Icahn, billionaire activist investor, waits for Donald Trump, president and chief executive of Trump Organization Inc. and 2016 Republican presidential candidate, not pictured, to speak at an election night event in New York, U.S., on Tuesday, April 19, 2016.

Activist investor Carl Icahn said he was prepared to initiate litigation against SandRidge Energy after the oil and gas company adopted a poison pill plan amid strong opposition for its Bonanza Creek Energy deal.

"On Nov. 26, 2017, in direct response to this strong shareholder opposition to the proposed acquisition, you adopted a poison pill that is a complete travesty and represents a new low in corporate governance," Icahn, who owns 13.5 percent of SandRidge, said in a letter on Thursday.