As widely expected, Airgas, Inc. has announced that its Board of Directors has unanimously rejected the overtures of Air Products, noting that last week’s offer ‘very significantly undervalues Airgas’.
With Air Products previously underlining its determination to see the deal through, the stage could now be set for a hostile takeover situation.
In a statement released to the media, Airgas revealed that its Board of Directors had unanimously, “determined that the unsolicited proposal from Air Products & Chemicals, Inc. very significantly undervalues Airgas and its future prospects and is not in the best interests of Airgas stockholders.”
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