Teleflex (TFX) shareholder Irenic Capital Management said Friday it sent a letter urging the board to engage with multiple parties interested in acquiring the company.

Irenic, which owns 2% of Teleflex, said in its letter that the board should take a "more constructive and responsible approach" to assessing strategic options.

The company has delivered shareholder return of negative 73% over the past five years, while the board has failed to properly plan for succession, resulting in the lack of a permanent chief executive, according to Irenic.

Irenic added that the board requires "meaningful" change, including a new chair, as it cited a conversation with Chair Stephen Klasko about the board's instruction to advisors to refuse approaches from potential buyers.

Teleflex did not immediately reply to a request for comment from MT Newswires.