Air Products falls after Mantle Ridge scales back board overhaul

Linde

05/12/2024 12:42

** Shares of industrial gases maker Air Products  APD.N 
fall 2.5% to $319.25 premarket
    ** Activist investor Mantle Ridge drops bid to overhaul
entire APD board, and will now nominate only four candidates for
election
    ** Earlier this year, Mantle Ridge had nominated nine
directors to replace entire board, and pushed APD to name new
CEO, reallocate capital and abandon risky projects
    ** Remaining four candidates include Mantle Ridge CEO and
founder Paul Hilal and Dennis Reilley, a former executive at
rival Linde  LIN.DE 
    ** Investors to vote on board composition on Jan. 23, 2025
at APD's annual meeting
    ** As of last close, stock has gained ~20% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))