IHS Chemical Week

Markets :: Industrial Gases

Air Products Drops Bid for Airgas

1:39 PM MST | February 16, 2011 | Robert Westervelt

Air Products abandoned its $5.9-billion hostile bid for Airgas this evening following a decision by the Delaware Chancery Court that upheld Airgas’ poison pill, preventing a shareholder vote on Air Products’ $70/share offer. “It is abundantly clear that the Airgas board is thoroughly entrenched in its position, so we have decided to withdraw our offer and move on,” says Air Products chairman and CEO John McGlade....

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