Airgas, Air Products Fight In Court

Airgas has sent a letter to the Delaware Court of Chancery arguing that attempts by Air Products & Chemicals to amend Airgas’ bylaws through a vote at a Sept. 15 Airgas shareholder meeting is against both Delaware law and Airgas’ certificate of incorporation. Air Products, which has made a hostile offer to buy Airgas for $63.50 per share, has nominated three directors for Airgas’ board; it wants to push up Airgas’ next shareholder meeting to January so it can stack more directors on the Airgas board and expedite a takeover. Airgas has also promised that if Air Products’ bylaw proposal fails it will hold its next annual meeting on June 21. Air Products calls the tactics “desperate” and says Airgas “intends to use the courts to attempt to circumvent the will of the majority of its shareholders.”