Mantle Ridge Sends Open Letter to Air Products and Chemicals, Inc. Shareholders and Employees
Rhea-AI Summary
Mantle Ridge LP, holding approximately $1.3 billion of Air Products and Chemicals (NYSE: APD) shares, has issued an open letter to shareholders and employees addressing questions about its nomination of four director candidates to APD's Board of Directors. The investment firm is proposing Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley as new board members.
The firm is urging shareholders to vote using the BLUE Proxy Card in favor of their nominees while withholding votes from current company nominees Charles Cogut, Lisa A. Davis, Seifollah Ghasemi, and Edward L. Monser. Mantle Ridge's nominees have committed to working constructively with Air Products' continuing directors if elected.
Positive
- Mantle Ridge holds a significant $1.3 billion stake in the company
- Proposed board nominees commit to working constructively with existing directors
Negative
- Indication of potential board conflict and governance issues
- Proxy contest signals internal disagreement over company direction
Insights
This proxy contest at Air Products represents a significant activist challenge with Mantle Ridge, owning
The proxy battle's timing and scale suggest deep-seated concerns about Air Products' performance trajectory. Mantle Ridge's selection of nominees - including Andrew Evans (former CFO of Southern Company), Paul Hilal (Mantle Ridge founder), Tracy McKibben (energy sector expert) and Dennis Reilley (former Praxair CEO) - demonstrates a deliberate attempt to inject both operational and industry expertise into the board.
The 'withhold' recommendation against current leadership, including CEO Seifi Ghasemi, indicates Mantle Ridge's assessment that fundamental changes in oversight and strategy are needed. This contest could significantly impact APD's governance structure and future strategic direction.
The proxy battle launched by Mantle Ridge carries substantial implications for APD's valuation and strategic trajectory. With a
The activist campaign's focus on board refreshment typically signals potential catalysts for value creation through strategic shifts, operational improvements, or capital allocation changes. Historical precedents suggest successful activist interventions in industrial gas companies can unlock significant shareholder value through operational efficiency improvements and strategic portfolio optimization.
For investors, this presents both opportunity and risk - successful activist campaigns often lead to share price appreciation, but contested board elections can create near-term volatility. The outcome of this proxy contest could materially influence APD's future strategic direction and shareholder returns.
Answers Frequently Asked Questions Received from Employee Shareholders About Vote Anonymity
Mantle Ridge's Director Nominees Reaffirm Commitment to Working Constructively with Air Products' Continuing Directors as Part of a Reconstituted Board to Create Value for All Shareholders If Elected
Urges Shareholders to Vote the BLUE Proxy Card "FOR" All Four of Mantle Ridge's Superbly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi, and Edward L. Monser
View the Letter and Related Materials at www.RefreshingAirProducts.com
The full text of the open letter is attached and accessible online here.
To Enhance Air Products' Performance and Create the Long-Term Value that Shareholders Deserve, Mantle Ridge Urges Shareholders to Vote the BLUE Proxy Card "FOR" Mantle Ridge's Four Highly Qualified Director Nominees – Andrew Evans, Paul Hilal, Tracy McKibben, and Dennis Reilley – and "WITHHOLD" on the Company Nominees Charles Cogut, Lisa A. Davis, Seifollah "Seifi" Ghasemi and Edward L. Monser.
Additional information regarding Mantle Ridge's highly qualified nominees, as well as voting instructions, may be found at www.RefreshingAirProducts.com.
About Mantle Ridge
Founded in 2016, Mantle Ridge LP is an engaged, long-term owner-steward that works closely and constructively with company boards to create durable long-term value for all stakeholders. None of Mantle Ridge's affiliated entities is a hedge fund or other investment vehicle with a structurally short-term incentive. Mantle Ridge engages with the expectation of maintaining an ownership position over the very long-term. Mantle Ridge has raised separate, single-investment, five-year special purpose vehicles to support its previous engagements with companies including CSX Corporation, Aramark, and Dollar Tree. For more information, visit https://www.mantleridge.com/.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Mantle Ridge LP and its affiliates (collectively, "Mantle Ridge") or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Mantle Ridge that the future plans, estimates or expectations contemplated will ever be achieved.
Certain statements and information included herein may have been sourced from third parties. Mantle Ridge does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties, nor has Mantle Ridge paid for any such statements or information. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.
Mantle Ridge disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events.
IMPORTANT INFORMATION AND WHERE TO FIND IT
MANTLE RIDGE LP STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY MANTLE RIDGE LP WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS ARE ALSO AVAILABLE ON THE SEC'S WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC., 48 WALL STREET, 22ND FLOOR,
Information about the Participants and a description of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.
Investor Contact
D.F. King & Co., Inc.
Edward McCarthy
Tel: (212) 493-6952
Media Contacts
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
Tel: (212) 257-4170
Email: RefreshingAPD@gasthalter.com
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SOURCE Mantle Ridge LP
FAQ
How much of Air Products (APD) stock does Mantle Ridge own in 2025?
Who are the four director nominees proposed by Mantle Ridge for APD's board?
What is Mantle Ridge requesting APD shareholders to vote on?
Which current APD board members is Mantle Ridge opposing in the proxy vote?
