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Air Products & Chemicals, the industrial gas company pursuing a $5.1B hostile takeover bid for Airgas Inc., said in a revised court complaint that Airgas’s chief executive officer exercised stock options before the bid was made public to get a tax benefit.

Airgas CEO Peter McCausland, who repeatedly rejected takeover bids from Air Products, knew that the stock would rise when the offer was publicly disclosed and used the knowledge “as an opportunity for personal gain,” Air Products said in papers made public today in Delaware Chancery Court.

McCausland exercised 300,000 stock options on January 5, one month before the stock rose 40% on the disclosure of the bid by Air Products, according to the filing. McCausland hasn’t sold the stock.

Read the full story at: bloomberg.com

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