Posted May 14, 2010
Air Products and Air Gas duel over board nominees
Airgas Inc. and Air Products & Chemicals Inc. continue to skirmish over the hostile takeover attempt of Airgas by Air Products.
Air Products announced Thursday that it plans to submit three candidates for election to the Airgas board. Air Products also said it wants shareholders to hold an annual meeting every January. With a staggered board of nine directors, the move would make it easier for Air Products to gain a majority on the company's board.
In response, Airgas said the proposals are "diametrically opposed" to Airgas stockholders and that Air Products "chose its candidates and proposals precisely to help advance its goal of acquiring Airgas at the cheapest possible price."
Air Products submited a takeover bid for Airgas in February, offering $60 per share in cash, or roughly $5.1 billion.
In its response to the latest Air Products proposal, Airgas said that its stockholders - not Air Products - deserve to benefit from Airgas' future growth as the economy continues to improve. "The Airgas Board of Directors has unanimously rejected Air Products' offer as grossly inadequate following a comprehensive review with its financial and legal advisors," the company said in a statement.
