Airgas files preliminary proxy materials after annual general meeting.
In a recent press release, Airgas’ Board of Directors ‘unanimously’ recommended stockholders vote for the three company chosen nominees; W.Thacher Brown, Richard C. III and Peter McCausland.
Airgas commented, “We believe that the Air Products offer significantly undervalues Airgas and that the Air Products nominees have been selected and paid by Air Products to facilitate the transfer of Airgas’ inherent value to Air Products at a grossly inadequate price.”
In the statement, Airgas also remarked, “Our nominees are proud to stand on their record. Airgas has employed a discipline and highly successful approach to steadily growing revenue, EBITDA and shareholders equity, and this approach has delivered outstanding returns for the Company’s stockholders.”
Brown, 62, is one of the longest-serving directors at Airgas and benefits from many years of experience. Richard C III, 67, a director since 2004 benefits from over 45 years or public company experience. The final nominee, McCausland, 60, has been a director at Airgas since 1986 and is currently President of the company.
These nominations are pitted against Air Products’ respective three; John P. Clancy, Robert L. Lumpkins and Ted B. Miller, Jr.
Airgas commented on the ongoing dispute, stating, “The Airgas Board believe that the interests of Air Products and its nominees are diametrically opposed to those of Airgas stockholders, and that Air Products picked its nominees and proposals precisely to advance its own interests – not those of all Airgas stockholders.”
Meanwhile Air Products holds the conviction that, “The current Airgas Board has not been acting in the best interests of Airgas shareholders… we believe Airgas shareholders deserve a Board of Directors that answers to them and will act in their best interests”.