Airgas Rejects Latest Air Products Takeover Offer
July 21, 2010
Airgas’ board voted unanimously to reject a revised unsolicited takeover by Air Products & Chemicals Inc. to acquire the company for $5.5 billion in cash, reports Bizjournal.com. Air Products earlier this month made a revised offer to buy Airgas at $63.50 a share in cash. The Airgas board has previously considered and rejected proposals from Air Products of $62 and $60 per share. Air Products, based in Allentown, Pa., and Airgas of Radnor, Pa., supply industrial gas and other related equipment. Airgas said its board continues to unanimously recommend that Airgas stockholders not tender their shares into Air Products’ offer, and continues to believe the offers are “grossly inadequate and an extremely opportunistic attempt to cut off the Airgas stockholders’ ability to benefit as the domestic economy continues its recovery.” Airgas also released its fiscal first quarter results that showed earnings of $64.8 million, or 76 cents a diluted share. Excluding various charges, adjusted earnings were 83 cents a share, up 26 percent from 66 cents for the same period a year ago. Sales were $1.05 billion, a 6 percent increase over the same quarter last year.