Airgas has responded unfavourably to Air Products’ letters from last week.
Yesterday, the company issued correspondence to all Airgas stockholders accusing its adversary of employing various strategies to purchase Airgas at ‘the lowest possible price’.
Within the letter Air Products was accused of ‘launching a hostile tender offer’ through ‘numerous tactics’ to purchase the rival company at a low value. In contrast, Airgas defended its own strategies as reflective of the stockholder orientation, company culture and values. Values which have been emphasised through the ethos, “It’s All About Value.”
Airgas described last week’s letters from Air Products as, “a furious, but unsuccessful attempt.” The company’s primary aggravation continues to be the outdated six month old trading price which is used as a valuation point of comparison. The full letter can be accessed via the Airgas website.