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Air Products Drops Bid for Airgas After Court Ruling

5:50 PM MST | February 28, 2011 | —ROBERT WESTERVELT

McGlade: Airgas not a 'must have.' Air Products abandoned its $5.9-billion hostile bid for Airgas earlier this month 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. Air Products says it will sell the approximately 1.5 million shares it owns in Airgas...

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