On January 28, 2020, Fairlight Asset Management Pty Ltd announced that it has delivered a letter to Hexcel Corporation's Board of Directors expressing its concerns regarding the proposed merger with Woodward, Inc., including that it has limited strategic merit and significantly undervalues the Company. Fairlight Asset Management stated that it intends to vote against the proposed merger and urged the Board to find alternate bidder or renegotiate terms to reflect the Company's appealing profile.