Air Products has confirmed sending a letter to all Airgas shareholders, urging them to tender their shares into the Air Products tender offer before the 13th August expiry date.
Within the letter, Air Products Chairman, President and CEO, John McGlade argues that due to the Airgas Board’s refusal to enter discussion, shareholders have been left with no alternative to be “heard in the Airgas Boardroom’. He continues to encourage shareholders to tender shares into the Air Products’ offer and to vote in favour of the company’s proposals and independent director nominees at the forthcoming 2010 Airgas Annual Meeting.
Throughout the letter, Air Products repeatedly urges shareholders to “send a clear message to the Airgas Board to engage with Air Products.” Elsewhere in the correspondence Air Products reiterated recent statements, saying, “There is nothing in Airgas’ financial performance or outlook that changes our view of the company’s intrinsic value.”
Air Products specified, “We remain confident that our all-cash offer exceeds the value Airgas could produce for shareholders in the future through execution of its current business plan even under optimistic scenarios. We also believe Airgas shareholders today face substantially more uncertain market conditions than when we commenced our offer for Airgas in February.”