Airgas Wants Higher Air Products Bid

After posting strong quarterly earnings, Airgas’ board has sent a letter to Air Products & Chemicals trying to get the hostile suitor to once again up its bid, this time “in excess of $70 per share.” Earnings in the quarter ending Sept. 30 rose 22% to $67 million, compared with the year-earlier quarter. The good performance justifies a better bid, Airgas says, than the “grossly inadequate” $65.50-per-share offer Air Products now has on the table. Air Products says it is sticking by its last offer. It issued a statement declaring “there is nothing in the Airgas earnings or letter that changes our view of value.” In February, Airgas rejected Air Products’ $60.00 offer. Airgas snubbed subsequent bids of $63.50 in July and $65.50 in September (C&EN, Sept. 13, page 7).