Mantle Ridge scales back Air Products board overhaul, nominates four directors (updated)

Linde

05/12/2024 11:59

(Adds details throughout)
       Dec 5 (Reuters) - Air Products  APD.N  said on Thursday
that Mantle Ridge, the activist investor backed by Paul Hilal,
has withdrawn its proposal to overhaul the industrial gases
maker's board and will now nominate only four candidates for
election.
    Earlier this year, Reuters reported Mantle Ridge had
nominated nine directors to replace the entire board, as the
activist investor pushed the industrial gases maker to name a
new CEO, shift its capital allocation and abandon riskier
projects.
    The four remaining nominees include Paul Hilal, CEO and
founder of Mantle Ridge, and Dennis Reilley, a former executive
at rival gases maker Linde  LIN.DE , who the activist investor
has identified for a possible leadership role.
        Air Products said Mantle Ridge is withdrawing its
nominations for David Khani, N. Thomas Linebarger, Nichelle
Maynard-Elliott, Donald Wallette Jr., and J. Steven Whisler.
  
        The Pennsylvania-based company is valued at around
$72.83 billion, and its stock price has climbed nearly 16% since
Mantle Ridge's roughly $1 billion stake in the company was
revealed in early October.
  
        Investors will vote on the board composition at the
annual meeting scheduled for Jan. 23, 2025, unless the two sides
reach a compromise beforehand.
  

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