Air Products was not alone in issuing a prompt response to the recent Delaware Supreme Court Ruling. Indeed, Airgas, Inc. offered an almost polarised reaction.
In a public statement the firm announced, “We appreciate the Supreme Court's careful consideration of this matter and believe that today is a victory for Airgas stockholders.” Airgas Chief Executive Officer, Peter McCausland, continued, $quot;The Supreme Court's ruling maintains the balance of bargaining power that Delaware companies with staggered boards have always expected.$quot;
The reaction came in the wake of the Delaware Supreme Court’s decision to invalidate Air Products’ By-Law Amendment proposal. The contentious By-Law stipulated that Airgas must schedule its next Annual Meeting of Stockholders on 18th January 2011.
McCausland concluded the statement by reiterating previous concerns. He stated, $quot;The Airgas Board has unanimously determined that Air Products' offer is grossly inadequate and does not adequately compensate Airgas stockholders for the Company's excellent prospects, inherent value and impressive economic performance.$quot;
$quot;Airgas' continued strong performance - which includes year-to-date earnings growth in excess of 20% for fiscal 2011 - outstanding prospects and unique industry position strengthen our conviction that Air Products' offer is far from an appropriate price for the Company. The Board's objective has always been to create value for our stockholders, and we remain committed to that goal.$quot;