Air Products Drops Hostile Bid After Airgas Wins on Poison Pill
Bloomberg reports that after a Delaware judge upheld Airgas Inc.’s main anti-takeover defense, Air Products & Chemicals Inc., dropped its $5.9 billion hostile bid for the packaged- gas supplier. Air Products had pursued Airgas for more than a year. Delaware Chancery Court Judge William B. Chandler III rejected Air Products’ claim that Airgas’s poison-pill defense was flawed because it gave directors too much power to deflect offers for the company. Air Products, raised its bid on Dec. 9 to $70 a share from $65.50. Airgas officials repeatedly rejected Air Products’ advances, claiming the company is worth at least $78 a share. Airgas’s board turned down the latest offer, which Air Products executives called their best and final bid, on Dec. 22.