Headlines

Airgas rejected a $5.1B cash buyout offer from rival Air Products & Chemicals on February 9, the third time its directors have spurned attempts to form the largest U.S. industrial-gas company.

The board determined the offer is too low after consulting with its financial and legal advisers, Radnor, Pennsylvania-based Airgas said today in a statement. The $60-a-share bid is 38%  higher than Airgas’s closing price prior to February 5 when the offer was made public. The bid is valued at about $7B when $1.9B of assumed debt is included.

Air Products Chief Executive Officer John McGlade has said he’s willing to take his offer to Airgas shareholders and nominate new Airgas directors after two prior bids were rejected. Peter McCausland, Airgas chairman and CEO, said 2 $62-a-share bids that included Air Products stock and the most recent cash offer are all too low in a February 9.

“After thorough consideration, it is the unanimous view of the Airgas board of directors that your unsolicited proposal very significantly undervalues Airgas and its future prospects,” McCausland said today in a letter to McGlade, the text of which was included in the statement. “It makes no sense for the Airgas shareholders to transfer the future value of Airgas to Air Products at a bargain basement price.”

Read the full story at: businessweek.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.