Despite two days of rejection and retaliation, Air Products has extended the expiration of its tender offer for all outstanding common shares of Airgas, Inc. for $65.50 per share in cash.
The offer and withdrawal rights are now scheduled to expire at 12:00 midnight New York City Time on 3rd December 2010. Air Products had originally offered an expiration date of 29th October 2010. However, all other terms and conditions of the offer remain unchanged.
By the close of business on Tuesday, 26th October, Air Products reported that 1,884,427 shares of Airgas common stock had been validly tendered into and not withdrawn from the offer.
Airgas responded to the announcement by reiterating its belief that the offer is, “grossly inadequate”. The Firm cited its second quarter fiscal results and continued strong performance as, “further evidence that the current offer price is not close to the right price for the sale of the Company.”
Air Products’ Financial Advisors are JP Morgan Securities Inc. and Perella Weinberg Partners, its Legal Advisors are Cravath, Swaine & Moore LLP and Arnold & Porter, while its information agent is MacKenzie Partners, Inc.
Bank of America Merrill Lynch and Goldman, Sachs & Co. are serving as Financial Advisors, and Wachtell, Lipton, Rosen & Katz is serving as Legal Counsel to Airgas and its Board of Director.