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Web Date: July 13, 2010

Upping The Ante

Mergers and Acquisitions: Air Products hopes better offer will entice Airgas shareholders
Department: Business
Keywords: hostile takeovers, mergers and acquisitions

Air Products & Chemicals has increased its offer to acquire industrial gas distributor Airgas by $3.50 to $63.50 per share. The new offer values Airgas at $7.3 billion--$5.4 billion for Airgas' equity plus $1.9 billion in debt.

Airgas' board of directors says it will review the revised offer and make a recommendation to shareholders. In February, Airgas rejected Air Products' all-cash offer of $60.00 per share. It earlier rejected two other . . .

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