Irenic Capital Management sent a letter to Teleflex Incorporated's (NYSE: TFX) board of directors criticizing their refusal to engage with potential acquirers, according to a statement from the investment firm.

Irenic, which owns 2% of Teleflex, stated that board chairman Stephen Klasko indicated the board directed company advisors to refuse approaches from potential buyers. The firm called this position "unreasonable and irresponsible."

The letter highlighted Teleflex's negative 73% total shareholder return over five years, compared to positive returns for various market benchmarks including the S&P 500's 79% gain over the same period. The company currently operates without a permanent CEO.

Irenic noted that board members have made minimal open market stock purchases despite their tenure. The letter stated that chairman Klasko has not purchased any shares during his 18 years on the board, while the entire board collectively purchased only 8,250 shares on the open market.

The investment firm called for "meaningful board change" including a new chair and engagement of independent advisors to evaluate strategic alternatives. Irenic stated it is aware of multiple interested parties and described the board's unwillingness to engage as "not tenable."

Teleflex manufactures medical devices and equipment. The company has not responded publicly to Irenic's letter.