Processing Magazine

Airgas Urges Shareholders to Reject Takeover Bid

February 22, 2010

The Associated Press reports that the board of Airgas unanimously rejected a hostile takeover bid by rival Air Products & Chemicals Inc., and told shareholders the $60-per-share offer it too cheap. Air Products took its $5.1 billion bid straight to shareholders of the industrial gas supplier on February 11 after the company turned it away the first time. On Monday, Airgas said the board voted unanimously in opposition. Airgas also accused Air Products of deceptive statements and personal attacks in its bid for the company. Air Products countered that Airgas''s management has lowered the company''s outlook twice in the last four months. In addition, Air Products said its $60-per-share offer reflects a premium of 38 percent from Airgas''s closing price of $43.53 on February 4, the day before Air Products disclosed its first offer.