Posted June 2, 2010
Air Products extends Airgas tender offer
Air Products & Chemicals Inc. extended its $60-a-share tender offer for Airgas Inc. for the second time, moving the deadline to Aug. 13 from June 4.
Air Products launched the $5.12 billion hostile offer in February, but Airgas's board and founder Peter McCausland firmly rejected the proposal, saying it "grossly undervalues" the company.
Responding to the latest extension, Airgas reiterated its belief that the offer is "an opportunistic attempt to transfer the value of Airgas to Air Products at a grossly inadequate price."
As of June 1, 15,981 shares of Airgas common stock had been tendered, which represents less than 0.02% of the issued and outstanding shares.
