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Icahn demands look at SandRidge's books as he fights merger

Activist investor Carl Icahn demanded an inspection of SandRidge Energy Inc.'s books, aiming to investigate management compensation, its pending merger with Bonanza Creek Energy Inc. and the "poison pill" shareholder-rights measure it recently adopted.

According to a Dec. 1 letter filed with the SEC, Icahn requested to examine the details of the agreement with Bonanza Creek, especially the premium it would be given despite SandRidge's "currently depressed valuation." He said deal is a "complete reversal of the company's post-bankruptcy strategy."

"The purpose of this demand is to allow the Icahn Parties to investigate the actions of senior management and the board regarding senior management compensation, the Bonanza acquisition and/or the plan, the latter of which appears to the Icahn parties to be primarily directed at preventing the company's stockholders from being able to organize effective opposition to the Bonanza acquisition," the filing said.

Icahn, through a number of funds he controls, holds 4,818,832 shares, or 13.5%, of SandRidge's outstanding common stock.