{"id":62854,"date":"2026-03-27T13:02:23","date_gmt":"2026-03-27T12:02:23","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/irenic-sends-letter-to-teleflex-board-of-directors-regarding-its-refusal-to-engage-with-potential-acquirors\/"},"modified":"2026-03-27T13:02:23","modified_gmt":"2026-03-27T12:02:23","slug":"irenic-sends-letter-to-teleflex-board-of-directors-regarding-its-refusal-to-engage-with-potential-acquirors","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/irenic-sends-letter-to-teleflex-board-of-directors-regarding-its-refusal-to-engage-with-potential-acquirors\/","title":{"rendered":"Irenic Sends Letter to Teleflex Board of Directors Regarding Its Refusal to Engage with Potential Acquirors"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<i>Demands Openness to Evaluating Credible Opportunities to Maximize Shareholder Value<\/i><\/p>\n<p class=\"bwalignc\">\n<i>Underscores the Company\u2019s Sustained Value Destruction, <\/i><i>Lack of Permanent Leadership, and Board\u2019s Poor Alignment with Shareholders<\/i><\/p>\n<p class=\"bwalignc\">\n<i>Contends Meaningful Board Change \u2013 Including a New Chair \u2013 and Engagement of Independent Advisors Capable of Supporting an Objective Evaluation of Strategic Alternatives are Needed<\/i><\/p>\n<p>NEW YORK&#8211;(BUSINESS WIRE)&#8211;Irenic Capital Management, LP, one of the largest shareholders of Teleflex Incorporated (\u201cTeleflex\u201d or the \u201cCompany\u201d) (NYSE: TFX) with 2% ownership, today sent the below letter to the Company\u2019s Board of Directors (the \u201cBoard\u201d) regarding its refusal to engage with potential acquirors, despite receiving interest from multiple credible parties. The letter also urges the Board to immediately take a more constructive and responsible approach to evaluating strategic alternatives.<\/p>\n<p class=\"bwalignr\">\nMarch 27, 2026<\/p>\n<p>\nTeleflex Incorporated<br \/>\n<br \/>550 E. Swedesford Road<br \/>\n<br \/>Suite 400<br \/>\n<br \/>Wayne, PA 19087<\/p>\n<p>\nMembers of the Board of Directors:<\/p>\n<p>\nWe are writing to you on behalf of funds managed by Irenic Capital Management L.P. (together with such funds, \u201cIrenic\u201d or \u201cwe\u201d). Irenic is one of the largest shareholders of Teleflex Incorporated (\u201cTeleflex\u201d or the \u201cCompany\u201d) with 2% ownership.<\/p>\n<p>\nWe are writing to you following our conversation with Dr. Stephen Klasko, Chairman of the Board of Directors (the \u201cBoard\u201d), last week, during which Dr. Klasko indicated that the Board has directed the Company\u2019s advisors to refuse approaches from potential acquirors of Teleflex. He made clear to us that, in his view, it did not make sense to even have a conversation with interested parties at this point \u2013 regardless of how much such parties might be willing to pay for Teleflex. <b><span class=\"bwuline\">As we conveyed on the call and in our subsequent private communication with the Board, we firmly believe that posture is unreasonable and irresponsible.<\/span><\/b><\/p>\n<p>\n<b>Over the past five years, Teleflex has delivered a total shareholder return of negative 73% \u2013 a level of sustained value destruction that demands, at a minimum, openness to evaluating credible opportunities to maximize shareholder value. <\/b>At the same time, the Company is operating without a permanent Chief Executive Officer because the Board failed at its primary job \u2013 properly planning for succession.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwwidth80 bwblockalignc\">\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Total Shareholder Returns Assuming Dividends are Reinvested in Security<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><i>Data as of 03\/20\/2026<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom\" colspan=\"4\" rowspan=\"1\"><b>Time Period<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>1Y<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>3Y<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>5Y<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>10Y<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth40\" colspan=\"1\" rowspan=\"1\">Teleflex Incorporated<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(24 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(54 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(73 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(25 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><b><span class=\"bwuline\">Benchmark Performance<\/span><\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwalignc bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n16 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n72 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n79 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n276 %<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500 Healthcare Index<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n37 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n159 %<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500 Healthcare Equipment Index<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(10 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n164 %<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">iShares U.S. Medical Devices ETF<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(9 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3 %<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n183 %<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">Average of Proxy Peers [1]<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n183 %<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><b><span class=\"bwuline\">Teleflex&#8217;s Relative Performance vs. Benchmark<\/span><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(40 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(126 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(151 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(301 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500 Healthcare Index<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(24 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(75 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(110 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(184 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">S&amp;P 500 Healthcare Equipment Index<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(14 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(67 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(81 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(189 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">iShares U.S. Medical Devices ETF<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(60 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(76 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(208 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\">Average of Proxy Peers [1]<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(46 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(57 %)<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(208 %)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\">[1] Executive Compensation Peer Group as per Teleflex&#8217;s 2025 Proxy Statement, excluding NuVasive, Inc., which is no longer a standalone publicly listed company.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\"><i>Source: Bloomberg<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nThe current Board, which is comprised of long-tenured directors, has presided over a sustained period of value destruction. Remarkably, one would think, having decided that the Company is so undervalued that the Board will not even entertain conversations about selling the Company, that members of the Board would be buying stock hand over fist. However, as far as we can tell, Dr. Klasko, in his eighteen years on the Board, <i>has not bought a single share <\/i>(!!) and neither has Candace Duncan nor Neena Patil. In fact, this Board, collectively tenured nearly eighty years, has purchased a grand total of 8,250 shares of Teleflex on the open market. Were the Board collectively a single shareholder, it would be the 223rd largest shareholder on the Bloomberg holders list based on these open market purchases.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Open Market Purchases &amp; Sales by Teleflex Board of Directors<\/b><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwrowaltcolor0 bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwwidth20\" colspan=\"1\" rowspan=\"1\"><b>Director<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><b>Date Appointed<br \/>to Board<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth14\" colspan=\"1\" rowspan=\"1\"><b>Days Since<br \/>Joining Board<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth18\" colspan=\"1\" rowspan=\"1\"><b>Days Since Last Open<br \/>Market Purchase<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth18\" colspan=\"1\" rowspan=\"1\"><b>Total Shares Purchased<br \/>in Open Market<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth18\" colspan=\"1\" rowspan=\"1\"><b>Total Shares Sold<br \/>in Open Market<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Stephen K. Klasko (Chairman)<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 5, 2008<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,535<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nNo Open Market Purchases<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14,364<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Stuart A. Randle (Interim CEO)<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 1, 2009<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,174<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n234<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,000<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n24,760<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Candace H. Duncan<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 1, 2015<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,983<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nNo Open Market Purchases<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Gretchen R. Haggerty<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nSeptember 13, 2016<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,482<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n233<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,500<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Andrew A. Krakauer<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nJanuary 1, 2018<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,007<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n234<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,000<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">John C. Heinmiller<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nJanuary 1, 2019<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,642<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,576<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,250<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Neena M. Patil<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nApril 29, 2022<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,428<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nNo Open Market Purchases<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\">Jaewon Ryu<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 5, 2023<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth14\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,057<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n234<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,500<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth14\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>Source: Bloomberg, SEC Filings<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nBased on our discussions with other significant shareholders, we believe our concerns are broadly shared. Against this backdrop, it is difficult to understand how the Board can justify refusing to engage with potential buyers. In its response to our communications, the Board asserted that it is making strategic decisions and conducting the search for a permanent CEO that it believes will best position the Company for shareholder value creation. Given its track record of value destruction and lack of alignment, we do not believe this Board has earned the right to unilaterally determine how value is best created on shareholders\u2019 behalf, and particularly not before it has thoroughly assessed <span class=\"bwuline\">all<\/span> potential alternatives.<\/p>\n<p>\nIn our view, Teleflex requires meaningful change at the Board level \u2013 most notably, a new Chair \u2013 as well as the engagement of independent advisors capable of supporting an objective evaluation of strategic alternatives. <b><span class=\"bwuline\">We are aware of multiple interested parties, and the Board\u2019s continued unwillingness to engage is not tenable. It is time \u2013 well past time \u2013 for the Board to take a more constructive and responsible approach and begin engaging with credible acquirors.<\/span><\/b><\/p>\n<p>\nSincerely,<\/p>\n<p>\n<b>Adam Katz<br \/>\n<br \/><\/b><i>Co-Founder, Chief Investment Officer<\/i><\/p>\n<p>\n<b>Andy Dodge<br \/>\n<br \/><\/b><i>Co-Founder, Director of Research<\/i><\/p>\n<p>\n<b>Akshay Amin<br \/>\n<br \/><\/b><i>Managing Director<\/i><\/p>\n<p>\n<b><span class=\"bwuline\">About Irenic<\/span><\/b><\/p>\n<p>\nIrenic Capital Management, LP is an investment management firm founded by Adam Katz and Andy Dodge. Based in New York City, Irenic works collaboratively with publicly traded companies to ensure operating activities, capital deployment and management incentives are all aligned to create value for the company and its owners. For more information about Irenic, please visit <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.irenicmgmt.com&amp;esheet=54466737&amp;newsitemid=20260327185185&amp;lan=en-US&amp;anchor=www.irenicmgmt.com&amp;index=1&amp;md5=cfcf34c19d19b2c26edbf824fe37c4fa\" rel=\"nofollow\" shape=\"rect\">www.irenicmgmt.com<\/a>.<\/p>\n<p> <b>Contacts<\/b> <\/p>\n<p>\n<b>For Investors:<\/b><br \/>Jeff Shookus<br \/>\n<br \/>Irenic Capital Management<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#97;&#x69;&#x6c;t&#x6f;&#58;c&#x6f;&#110;t&#x61;&#99;&#x74;&#x40;i&#x72;&#101;n&#x69;&#99;m&#x67;&#109;&#x74;&#x2e;&#99;&#x6f;&#x6d;\" rel=\"nofollow\" shape=\"rect\">&#x63;&#111;n&#x74;&#x61;&#99;t&#x40;&#x69;&#114;e&#x6e;&#105;c&#x6d;&#x67;&#109;t&#x2e;&#x63;&#111;m<\/a><\/p>\n<p>\n<b>For Media:<\/b><br \/>Longacre Square Partners<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#x61;&#x69;&#x6c;&#x74;&#x6f;&#x3a;&#x69;&#114;&#101;&#110;&#105;&#99;&#64;&#108;onga&#x63;&#x72;&#x65;&#x73;&#x71;&#x75;&#x61;&#x72;&#x65;&#46;&#99;&#111;&#109;\" rel=\"nofollow\" shape=\"rect\">ir&#101;&#110;&#105;&#99;&#x40;&#x6c;&#x6f;&#x6e;&#x67;ac&#114;&#101;&#115;&#113;&#x75;&#x61;&#x72;&#x65;&#x2e;co&#109;<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Demands Openness to Evaluating Credible Opportunities to Maximize Shareholder Value Underscores the Company\u2019s Sustained Value Destruction, Lack of Permanent Leadership, and Board\u2019s Poor Alignment with Shareholders Contends Meaningful Board Change \u2013 Including a New Chair \u2013 and Engagement of Independent Advisors Capable of Supporting an Objective Evaluation of Strategic Alternatives are Needed NEW YORK&#8211;(BUSINESS WIRE)&#8211;Irenic &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/irenic-sends-letter-to-teleflex-board-of-directors-regarding-its-refusal-to-engage-with-potential-acquirors\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-62854","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Irenic Sends Letter to Teleflex Board of Directors Regarding Its Refusal to Engage with Potential Acquirors - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/irenic-sends-letter-to-teleflex-board-of-directors-regarding-its-refusal-to-engage-with-potential-acquirors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Irenic Sends Letter to Teleflex Board of Directors Regarding Its Refusal to Engage with Potential Acquirors - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Demands Openness to Evaluating Credible Opportunities to Maximize Shareholder Value Underscores the Company\u2019s Sustained Value Destruction, Lack of Permanent Leadership, and Board\u2019s Poor Alignment with Shareholders Contends Meaningful Board Change \u2013 Including a New Chair \u2013 and Engagement of Independent Advisors Capable of Supporting an Objective Evaluation of Strategic Alternatives are Needed NEW YORK&#8211;(BUSINESS WIRE)&#8211;Irenic ... 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