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Air Products Goes Hostile in Bid to Acquire Airgas
12:47 PM MST | February 12, 2010 | Kerri Walsh and Robert Westervelt
Air Products says it has commenced a fully financed hostile tender offer for all of Airgas's outstanding shares for $60/share. Air Products made an unsolicited $60/share bid for Airgas on February 5, which Airgas turned down. Airgas claims the $7-billion bid “very significantly undervalues Airgas and its future prospects.” Air Products, meanwhile, maintains that its offer will create more value "for Airgas shareholders than Airgas can achieve on a standalone basis."...
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