The company reacted unfavourably to Air Products’ recent tender offer extension. Similarly, the announcement that Air Products has signed a Consent Decree with Federal Trade Commission (FTC) Staff was received equally poorly.
Indeed, in an official statement, the Airgas Board of Directors reiterated its belief that the, “Air Products' unsolicited tender offer is extremely opportunistic and does not fairly compensate Airgas stockholders.” The public statement added that the Consent Decree with the FTC, “does nothing to change our conviction that the Air Products’ offer grossly undervalues Airgas.” Furthermore, The Board emphasized their satisfaction that the majority of Airgas shareholders chose not to tender shares in time for the 13th August original expiry date.
The statement concluded, “We appreciate the support we have received and encourage all Airgas stockholders not to tender their shares into Air Products' grossly inadequate offer, and similarly encourage those who have tendered to withdraw their shares.” Airgas advised that stockholders vote using the white proxy card ‘for’ the Airgas Director nominees and ‘against’ Air Products’ By-Law amendments.