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Air Products raised its offer to purchase all outstanding shares of Airgas to $65.50 per share, up from its previous offer of $63.50. The 3 percent increase brings Air Products’ takeover bid to $5.5 billion.

This announcement comes with Airgas’ annual meeting fast approaching. Air Products has nominated three individuals to the Airgas board as part of its efforts to acquire the company. They will go up against three incumbent board members at the September 15 meeting.

“If the Air Products nominees are elected and our by-law proposals approved, including holding the 2011 Annual Meeting on January 15, 2011, we stand ready to begin immediate negotiations with Airgas to complete a transaction,” says Air Products CEO John McGlade. “If Airgas shareholders do not elect these three nominees and approve all of our proposals, we will conclude that shareholders do not want a sale of Airgas at this time—and we will therefore terminate our offer and move on to the many other attractive growth opportunities available to Air Products around the world.”

Read about Air Products’ latest offer here.

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