Mantle Ridge secures enough votes for board seats at Air Products, sources say
Activist investor Mantle Ridge has secured enough support from Air Products and Chemicals investors to win several seats on the industrial gases company's board of directors, two people familiar with the matter said on Wednesday.
Mantle Ridge gains three seats on Air Products board during shareholder vote
It looks like Air Products’ CEO could be on the way out after a shareholder vote on board of directors seats went the way of activist investor Mantle Ridge, which has been pushing for a change in leadership in the executive position and on the board.
As previously reported, BofA analyst Steve Byrne downgraded Air Products (APD) to Neutral from Buy with an unchanged price target of $350.
Mantle Ridge LP, which, together with its affiliates (collectively, "Mantle Ridge"), beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals, Inc.
Air Products boss, Seifi Ghasemi has been ousted as Chair of the US industrial gas major after its shareholders elected board ...
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