15 Recent Activist Investor Campaigns

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5. Air Products and Chemicals, Inc. (NYSE:APD)

Value of Stake: $1 Billion

Mantle Ridge LP Activist Campaign Initiated: March 2025

Number of Hedge Fund Holders: 60

Air Products and Chemicals, Inc. (NYSE:APD) is a speciality chemicals company that provides expertise in essential industrial gases, technologies, and applications to various industries. The company has been the subject of an activist campaign steered by Mantle Ridge LP that has already resulted in management changes.

Early in the year, the activist hedge fund won three seats on the company’s board, giving it the much-needed leeway to push for policies it believes have the potential to unlock hidden value. Air Products and Chemicals, Inc. (NYSE:APD) was also forced to outline a succession plan amid soaring pressure from the hedge fund, which has more than $1 billion in stakes.

The push for a succession plan comes on concerns that the company had spent significantly under CEO Seifi Ghasemi. Mantle Ridge LP wants the company to shelve any plans to divest its core business, including South Korean operations. The activist hedge fund wants the company to focus on its core industrial gas business.

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