Yesterday, Air Products publicised its disappointment at a recent court decision to overrule an approved Airgas by-law.
The announcement marks the latest turn of events in the ongoing attempt by Air Products to purchase remaining Airgas shares. In a public statement, the North American purchasing firm, Air Products, remarked, “We are disappointed that the Delaware Supreme Court has overturned the by-law approved by Airgas shareholders. Airgas shareholders have been disenfranchised and have lost hundreds of millions of dollars in market value as a result.”
Air Products issued the statement in response to the Delaware Supreme Court’s decision to overturn the previous decision by the Delaware Chancery Court to validate a by-law which had recently won the approval of Airgas shareholders. The by-law in question, stipulated that Airgas must hold its next annual meeting in January 2011.
The by-out attempt began on 11th February 2010, when Air Products Distribution, Inc, a wholly owned subsidiary of Air products and Chemicals, Inc, commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc.