In the latest development in the prospective acquisition activity between Air Products and Yingde Gases, the former has taken the unusual step of issuing a public rebuttal of previous disclosures from the Chinese company.
Signed by Seifi Ghasemi, President and CEO of Air Products, the pointed letter to Yingde’s Board of Directors expresses ‘surprise’ at the statements that the company and its Chairman, Executive Director and substantial company shareholder Xiangti Zhao made in several recent Public Disclosures.
More specifically, it claims disclosures regarding the progress of the acquisition’s due diligence process do not “accurately characterise the nature of what has happened.”
In the letter, Air Products says it is “concerned with the slow pace” of Yingde’s engagement and the “hurdles” that Yingde has imposed in the progression of the takeover offer.
The US industrial gas giant also suggests that Yingde is “simply trying to use inaccurate statements to gain a favourable position” with its shareholders in the company’s upcoming general meeting.
It has been over six weeks since Air Products initially submitted its non-binding letter of interest to acquire Yingde and insists that it has “remained focused on pursuing an acquisition.”
Letter in full
The full letter, which was filed with the US Securities and Exchange Commission, can be found on Air Products’ website here: http://www.airproducts.com/Company/news-center/2017/02/0214-air-products-sends-letter-to-yingde-gases-board.aspx