Airgas Rejects Air Products Again | January 3, 2011 Issue - Vol. 89 Issue 1 | Chemical & Engineering News
Volume 89 Issue 1 | p. 11 | Concentrates
Issue Date: January 3, 2011

Airgas Rejects Air Products Again

Department: Business
Keywords: hostile takeover, mergers and acquisitions, industrial gases

The board of directors of Airgas has unanimously rejected Air Products & Chemicals’ “best and final” acquisition offer of $70.00 per share. “The value of Airgas in a sale, at this time, is at least $78.00 per share,” Airgas said in a statement. Three Airgas directors were nominated by Air Products and elected by Airgas shareholders at the firm’s annual meeting in September. “No other bidder has emerged since we made our offer public over 10 months ago,” Air Products CEO John E. McGlade says in response to the rejection. He adds that the offer will expire on Jan. 14.

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