Airgas, Inc. has revealed it is to review a revised offer from Air Products, after the Lehigh Valley company upped its tender offer to $65.50 per share.
Air Products & Chemicals, Inc. yesterday announced a revised tender offer to acquire all outstanding common shares of Airgas at a price of $65.50 per share in cash.
The closing price of Airgas common stock on Friday 3rd September 2010 was $66.67. However, the revised offer of $65.50 per share in cash, represents a premium of more than 50% over the closing price of Airgas’ shares on 4th February 2010 – the day before Air Products publicly announced its proposal to acquire Airgas.
Consistent with its fiduciary duties and as required by applicable law, the Airgas Board of Directors will now review the revised tender offer to determine the course of action that it believes is in the best interests of the company and its stockholders.
'Months of delay'
John E. McGlade, Air Products Chairman, President and CEO, said in a statement, “We have provided Airgas shareholders with a clear path to completing a transaction, and we now need a strong mandate from the independent shareholders in electing the Air Products nominees and approving our by-law proposals at the September 15th Annual Meeting.$quot;
$quot;Our increased offer delivers a premium of over 50% in cash to Airgas shareholders, removing all risks and future uncertainties. All principal closing conditions have been satisfied. After more than 10 months of delay, there is no reason for the Airgas Board to refuse to negotiate a deal with us now.$quot;