Court Invalidates Proposed Change to Airgas Bylaws

The Delaware Chancery Court has ruled that Air Products’ proposed change to Airgas’ bylaws that would have required Airgas to hold all future annual meetings in January is invalid. The decision is a setback to Air Products, which was counting on the next meeting to install more of its nominees on Airgas’ board. A majority of Airgas shareholders actually approved the amendment at Airgas’ annual meeting in September, but Airgas said that because the proposals received less than 67% of the votes, they cannot be implemented. Airgas also argued...

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