Irenic calls for strategic review committee at Teleflex

Irenic Capital Management, which holds a 2% stake in Teleflex Incorporated (NYSE: TFX), issued a statement responding to the medical device company's announcement that it is considering strategic alternatives.

The investment firm welcomed Teleflex's openness to consider strategic alternatives but called for the formation of a Strategic Review sub-committee. Irenic proposed that this committee include new independent directors and a shareholder representative while excluding Dr. Klasko from the process.

The New York-based investment firm suggested the committee should work with advisors to engage with inbound approaches and solicit outbound interest, then report findings to shareholders. Irenic identified itself as one of Teleflex's largest shareholders in the statement.

"While we strongly disagree with the Board's description of our conversation with Dr. Klasko, we look forward to working with the Board to take appropriate next steps to maximize value at Teleflex," the firm stated.

Teleflex recently announced it is open to strategic alternatives, though specific details of those alternatives were not disclosed in Irenic's statement. The investment management firm was founded by Adam Katz and Andy Dodge and focuses on working with publicly traded companies on operating activities, capital deployment and management incentives.

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