Air Products and Chemicals Stock Decline

Air Products and Chemicals (NYSE:APD), Inc. experienced a 2.3% drop in its stock price during pre-open trading on Thursday. This decline followed activist hedge fund Mantle Ridge LP's withdrawal of its earlier push for a board overhaul at the industrial gas company.

Background

Mantle Ridge had initially nominated a slate of candidates for election to Air Products’ Board of Directors, as detailed in the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission. However, on Wednesday afternoon, the fund informed the Company that it was scaling back its efforts. Instead of the full slate, Mantle Ridge will now only propose four candidates for the board positions at the Annual Meeting of Shareholders set for January 23, 2025.

Revised Nominations

The original list included:
– David Khani
– N. Thomas Linebarger
– Nichelle-Maynard-Elliott
– Donald Wallette, Jr.
– 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These names have now been retracted from the nomination process.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.

Company's Response

In response to the Nomination Change, Air Products plans to inform 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 updated on the latest developments.

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