An end in sight? Airgas to review revised offer


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.

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