Air Products and Chemicals (NYSE:APD), Inc. experienced a 2.3% drop in its stock price in pre-open trading on Thursday. This decline came as a result of activist hedge fund Mantle Ridge LP withdrawing its earlier push for a board overhaul at the industrial gas company.
Mantle Ridge had initially nominated a slate of candidates for election to Air Products’ Board of Directors, as outlined in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission. However, on the afternoon of Wednesday, the fund informed the Company that it was scaling back its efforts. Instead of the full slate, Mantle Ridge will now only put forward four candidates for the board positions at the Annual Meeting of Shareholders scheduled for January 23, 2025.
The original list included David Khani, N. Thomas Linebarger, Nichelle-Maynard-Elliott, Donald Wallette, Jr., and J. Steven Whisler. These names have now been retracted from the nomination process. Details of the revised preliminary proxy materials reflecting the Nomination Change are yet to be filed by Mantle Ridge.
In response to the Nomination Change, Air Products plans to update its shareholders by filing a supplement to its Definitive Proxy Statement. Additionally, a new WHITE proxy card will be issued to reflect the adjusted nominations for the upcoming shareholder meeting. The Company aims to complete these filings promptly to keep its shareholders informed of the latest developments.
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