Air Products and Chemicals' (APD) activist investor Mantle Ridge said Thursday it continues to seek a restructuring of the company's board to improve its performance and to "enable new executives to succeed."
Mantle Ridge issued the statement following a press report that attributed a 2.3% decline in the company's stock premarket Thursday to Mantle Ridge withdrawing an earlier push for a board overhaul.
The activist investor said it is nominating four independent candidates with the company nominating two new candidates.
In a Thursday filing with the US Securities and Exchange Commission, Air Products and Chemicals said it received notice from Mantle Ridge on Wednesday afternoon that it was withdrawing its nomination for David Khani, N. Thomas Linebarger, Nichelle Maynard-Elliott, Donald Wallette Jr. and J. Steven Whisler and nominating its remaining four candidates for election to the company's board.
Air Products and Chemicals declined to comment to a request from MT Newswires.
Shares were down 3.8% in recent trading.
Price: 314.91, Change: -12.57, Percent Change: -3.84
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