Energy Intelligence Group’s Oil Daily interviewed Chris Hewitt on SandRidge Energy’s new shareholder rights plan — a “poison pill” mechanism to discourage corporate threats — adopted in response to billionaire investor Carl Icahn’s recent interest in the company. Chris commented that he expects Icahn to challenge the legality of the plan.

“It looks like he’s got a pretty good chance of challenging this thing,” Chris said. “I have not seen a pill used to stop someone from acquiring stock and then talk to other shareholders to vote down a deal.”

“For what Icahn has been doing recently — buying a foothold stake in the company and agitating for change — a lot of times pills don’t work in that context because the acquirer doesn’t have the intention of acquiring the whole company or going over the pill threshold,” he added.

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