Prior to Air Products’ decision to completely revoke its purchase attempt of Airgas, Airgas responded to the recent court ruling.
Delaware Chancery Court recently announced its ruling to uphold the Airgas Stockholder Rights Plan.
The Court’s Order stated, “Plaintiff Air Products’ and the Shareholder Plaintiffs’ requests for relief are DENIED in their entirety, and all claims asserted against the current and former Defendants in these actions are DISMISSED WITH PREJUDICE.”
Airgas Chief Executive Officer Peter McCausland responded positively to the ruling. He said, “We are pleased with the Chancery Court’s ruling, which is consistent with established Delaware precedent. Airgas’ Stockholder Rights Plan has been in place since 1987 and is an important element of our corporate governance structure.”
“Airgas remains steadfast in its belief that Air Products’ offer is clearly inadequate and is intended only to transfer the value of Airgas to Air Products at a price that does not appropriately compensate our stockholders. It has always been our objective to create value for our stockholders, and we remain committed to achieving that goal,” concluded McCausland.