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Industrial gas firm Airgas on Monday urged shareholders to reject a $5.1B tender offer from Air Products & Chemicals, arguing the offer undervalues the company.

Air Products launched an unsolicited $60-a-share cash bid for Airgas earlier in February, but after being rejected, took the bid hostile by launching a tender offer for Airgas shares.

"The Airgas Board of Directors is unanimous in its belief that the Air Products offer significantly undervalues Airgas and fails to reflect the value of our industry-leading position and future growth prospects," Airgas Chairman and CEO Peter McCausland said in a statement.

Airgas noted that the value offered is unchanged from the original offer, which it had rejected.

Read the full story at: reuters.com

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