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Airgas rejected Air Products’ revised cash offer of $65.50 per share and urges investors not to tender their shares. The Airgas board of directors continues to hold firm that the offer undervalues Airgas’ worth, stating that the offer “is not an appropriate value or a sensible starting point for negotiations.”

Airgas also says in a letter to shareholders that the company will “explore all available alternatives” if investors turn down Air Products’ proposal for a January meeting. Bloomberg reports that “seeking alternatives” typically involves soliciting other offers for a company.

Read about Airgas' rejection of Air Products' latest bid here.

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