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Headlines
Airgas Rejects Air Products Bid- 2/10/2010Airgas 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 
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