It was day 280 of the takeover drama and last week saw Airgas once again rebuff the overtures of Air Products, as the company made public the letter it issued to its fellow Tier 1 player.
The letter apparently came in response to an earlier epistle sent by Air Products Chairman, President and CEO John McGlade.
On behalf of the Airgas Board of Directors, Airgas Chairman John van Roden opened, “I was surprised and disappointed to receive Mr. McGlade's letter last night.”
The letter continued, “To be clear, our meeting last week was not a tactic as you suggest, but rather a good faith effort to describe the basis of our Board's unanimous views on valuation. Although the parties did not agree, we appreciated the business-like tone of the meeting and were awaiting a response from you. We each agreed that it would be counterproductive to make claims in public as to what each party said at the meeting. We have not done so or otherwise detailed our conversations, either publicly or in our court filings.”
“In your letter, you object to our supplementing the court record to reflect this meeting. This step was taken only with the express prior written consent of your counsel. At no time did your counsel suggest that it was improper for us to supplement the court record with public information about the meeting or that we would be violating any agreement by discussing the meeting and its significance to the issues that Air Products has raised in the litigation in our post-trial brief. We can see no reason why either of us would object to the court being provided with public filings.”