Forming a shock end to the ongoing saga between Air Products and Airgas, yesterday, John McGlade, announced that the firm would withdraw its offer to purchase Airgas.
The announcement came in response to the decision by the Delaware Chancery Court to uphold the Airgas, Inc. $quot;poison pill$quot;.
Yesterday evening, John McGlade, Air Products Chairman, President and CEO, commented, “We are disappointed by the court’s decision. We believe the Airgas Board of Directors has done a great disservice to Airgas shareholders by never allowing them to decide for themselves whether they want to accept our $70 per share all-cash offer. It is abundantly clear that the Airgas Board is thoroughly entrenched in its position, so we have decided to withdraw our offer and move on.”
McGlade continued, “While acquiring Airgas at an appropriate price would have been a value-creating opportunity, Air Products has many other compelling growth opportunities around the world that we are continuing to pursue. Our business is performing extremely well as evidenced by our most recent results, and we remain focused on executing against our strategic plan and delivering strong results for our shareholders.”
The news draws a swift conclusion to a script which began over a year ago on 5th February 2010, when Air Products offered to purchase all Airgas shares at a price of $60.00 per share in cash.