WASHINGTON (dpa-AFX) - D. E. Shaw Group, a global investment and technology development firm, Thursday sent an open letter to the Board of Directors of Air Products and Chemicals, Inc. (APD) calling for changes aimed at addressing the longstanding underperformance in its shares and deficiencies in its governance and capital allocation policies.
Funds advised by D. E. Shaw & Co., L.P. are shareholders of APD and currently hold a significant economic position in the company.
D. E. Shaw said that it is making its analysis and recommendations public because of 'the apparent lack of urgency on the part of the company's Board to engage in meaningful dialogue or take steps to address Air Products' persistent and long-term share price underperformance.'
'We remain open to engaging with the Company in a productive and constructive manner to advance the changes we believe are necessary to improve the Company's business, strategy, and governance,' the company said.
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