Air Products has announced an increase on its fully financed cash tender offer to acquire all of the outstanding shares of Airgas, Inc. to $70 per share.
Air Products has declared that the offer is final and will not be subject to revision. John E McGlade, Air Products Chairman, President and CEO, commented, “It is time to bring this matter to a conclusion, and we are today making our best and final offer for Airgas.$quot;
$quot;The Air Products Board has determined that it is not in the best interests of Air Products shareholders to pursue this transaction indefinitely, and Airgas shareholders should be aware that Air Products will not pursue this offer to another Airgas shareholder meeting, whenever it may be held.”
McGlade continued, “We are more than a year into this process, and the majority of the Airgas Board has made it clear that they do not intend to negotiate a deal. Accordingly, if Airgas shareholders want this compelling offer, they must make their voices heard now.”
“The reality is that there are no other bidders for Airgas, and Airgas has no alternative value creation plan other than the status quo. At $70 per share, this offer would deliver an extraordinary premium to Airgas shareholders and create significant value for Air Products shareholders. Airgas shareholders deserve the opportunity to decide for themselves whether they want to accept $70 per share in cash.”
This offer marks the most recent turn of events in a saga that found roots in October 2009, when Air Products first approached Airgas with a proposed transaction. Air Products is employing an extended expiration date of 14th January 2011. The company has stated that it reserves the right to further amend the expiration date.
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