Irenic Capital Management is pushing Wayne-based Teleflex to evaluate potential acquisition offers and replace Dr. Stephen Klasko in his role as chairman, writes John George for the Philadelphia Business Journal.
The activist investor sent a letter last week to the medical device company’s board, urging it “to immediately take a more constructive and responsible approach to evaluating strategic alternatives.”
Beyond urging the company to consider acquisition offers and replace Klasko, the former Jefferson Health CEO, New York-based Irenic called on them to hire independent advisers to assess potential transactions.
Founded in 2021 by Adam Katz, Irenic is an activist hedge fund that ranks among Teleflex’s largest shareholders with a 2 percent ownership stake.
Teleflex, responding to Irenic, stated that its board and management team are focused on acting in the best interests of the company and its shareholders.
“Teleflex’s board has clearly demonstrated its willingness to consider all paths that enhance value for shareholders,” said the company. “Teleflex has not rebuffed inbounds from potential acquirers or received proposals to acquire Teleflex.”
Founded in 1943, the company develops and manufactures devices used for surgeries, critical care, and vascular access.
Read more about Teleflex being pushed for acquisition and more changes in the Philadelphia Business Journal.
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