11:36 AM EDT, 10/10/2024 (MT Newswires) -- Air Products and Chemicals ( APD ) received a letter from investment firm D. E. Shaw Group, urging the company to address share underperformance and deficiencies in governance and capital allocation.

D. E. Shaw said Thursday that it sent the letter to Air Products and Chemicals' ( APD ) board following an Oct. 2 meeting with the directors.

In the letter, D. E. Shaw reiterated its proposals to generate long-term shareholder value such as revamping the board, restructuring executive compensation, de-risking large project commitments, and establishing a new capital allocation framework, among others.

D. E. Shaw said many of Air Products and Chemicals' ( APD ) directors "seemed unwilling or unable to engage" with its proposal and its follow up meeting with the board was "abruptly cancelled," leading to the public disclosure of its letter.

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