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Air Products and Chemicals, Inc increased its cash offer for shares of Airgas, Inc. to $63.50 per share in its continued bid to take over the company. The latest offer is a 6 percent increase over its $60-per-share offer on February 5 and values Airgas at $5.3 billion, excluding debt.

“We have had extensive and very productive dialogue with Airgas shareholders over the last several months,” says John E. McGlade, chairman, president and chief executive officer of Air Products. “With this price increase, we are convinced we will have widespread support from Airgas shareholders for this transaction and for our Board nominees and proposals.”

In response to the revised offer, Airgas says in a statement, “Consistent with its fiduciary duties and as required by applicable law, the Airgas Board of Directors will review the revised tender offer to determine the course of action that it believes is in the best interests of the company and its stockholders. Airgas stockholders are advised to take no action at this time pending the review of the revised offer by the Airgas Board of Directors.”

The current offer from Air Products expires on August 13, 2010, unless extended.

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