Wednesday, December 22, 2010

Airgas board rejects Air Products offer

Board pegs the value of Airgas at a price of at least $78 per share

The Board of Directors of Airgas said today it has unanimously rejected the revised unsolicited tender offer from Air Products & Chemicals, Inc. to acquire all outstanding common shares of Airgas at a price of $70.00 per share in cash. The Board unanimously recommends that Airgas stockholders to not tender their shares into Air Products' revised offer.

The board said that the $70 per share offer is "clearly inadequate" and that the value of Airgas is at least $78.00 per share.

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