Issue Date: February 21, 2011
Air Products Drops Its Pursuit Of Airgas
After a contentious battle that lasted more than a year, Air Products & Chemicals is abandoning its hostile takeover bid for industrial gas distributor Airgas. Since last February, Airgas’ board has repeatedly rejected Air Products’ public overtures for the company. Most recently, Airgas’ board—including three directors nominated by Air Products—rejected a $70.00-per-share bid in December 2010. The final straw came last week when the Delaware Court of Chancery upheld Airgas’ “poison . . .
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