Headlines

Less than 24 hours after Air Products and Chemicals announced an unsolicited $5.1B takeover offer for its smaller rival, Airgas, the lawsuits began flying.

The 2 companies took to two different court venues to press different versions of a conflict-of-interest argument. In a lawsuit filed in Delaware’s Court of Chancery, Air Products accused the founder and chief executive of Airgas, Peter McCausland, of improperly blocking his board from considering previous takeover offers in an effort to entrench himself atop the company.

Airgas responded in unusual fashion: it sued the principal deal counsel for Air Products, Cravath, Swaine & Moore, in Pennsylvania state court. The Airgas lawsuit charges the blue-chip firm with a conflict of interest and breaching confidentiality agreements by signing on with Air Products in its takeover bid, after having advised Airgas on dozens of financings.

Read the full story at: dealbook.blogs.nytimes.com

0 Comment(s) Post a Comment   Be the first to comment on this item.  Comment on this item: Name: Company: Email: Comment: Security Code: Reload Image Enter the text shown in the box above. Comments that include profanity, personal attacks or antisocial behavior such as "spamming," "trolling," or any other inappropriate material will not be posted to the site and/or will be removed from the site. You are fully responsible for the content you post. Neither the Association nor the publisher of this website, Data Key Communications, Inc, are responsible for the contents thereof or the opinions of the contributors. Contact and company information entered must be true and accurate. By submitting a comment, you agree to these terms and conditions.

More Headlines Showing Page 219 of 239 ‹‹First   ‹Previous Next›   Last›› 6/22/2009 BlackBerry Etiquette ...more | comments Should BlackBerrys and iPhones be allowed at business meetings? 6/22/2009 Combustible Dust Violations ...more | comments OSHA made 132 combustible dust hazard citations in AL in 16 months. 6/22/2009 Praxair Supplies Argon ...more | comments Praxair is supplying liquid argon to Nanjing Puzhen Rolling Stock Works. 6/19/2009 Welding Gun for Disabled ...more | comments A student designs a welding gun that can be used by the physically disabled. 6/19/2009 New ITW Exec. VP ...more | comments ITW elects Timothy Gardner as executive VP. 6/19/2009 Propane Suit Filed ...more | comments A class-action lawsuit claims two propane suppliers are cheating customers. 6/18/2009 Working in Sales ...more | comments The latest issue of GAWDA Edge offers tips for young salespeople. 6/18/2009 The Dangers of Bad Welds ...more | comments An experiment shows how inferior welding on car repairs can be dangerous. 6/18/2009 Paul Huck Honored ...more | comments Air Products’ Paul Huck was named Chemical Week’s SFO of the Year. 6/17/2009 New Alloys/Welding Methods ...more | comments Alcan is developing new alloys and welding processes to reduce panel weight.