Airgas responds unfavourably to Air Products’ preliminary proxy filing.
Yesterday, the Securities and Exchange Commission received materials in connection to Air Products’ acquisition offer for Airgas at (US) $60 per share.
Airgas released a displeased press statement in response, in which the company stated, “This Board has unanimously concluded that Air Products' unsolicited tender offer and proxy solicitation for its hand-picked nominees are an opportunistic attempt to advance Air Products' goal of transferring the value of Airgas to Air Products at a grossly inadequate price. The Board continues to recommend that stockholders reject the Air Products offer.”
The company qualified this decision, saying,”Despite Air Products self-serving claims to the contrary, the Airgas Board is keenly aware of its fiduciary duties, and it has and will continue to act in the best interests of all Airgas stockholders.”