Airgas Urges Shareholders to Reject Air Products Bid

Airgas’ board has recommended that shareholders reject Air Products’ hostile offer to acquire Airgas. Air Products launched its hostile bid after Airgas rebuffed its unsolicited $60/share proposal on February 4 (CW, Feb.8/15, p. 6). “The Air Products offer significantly undervalues Airgas and fails to reflect the value of our industry leading position and future growth prospects,” says Airgas chairman and CEO Peter McCausland. Airgas says it expects sales of $5.2 billion by 2012, a 33% increase over 2009 revenues. Earnings per share are projected to grow...

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