Airgas Rejects Rival Air Products' $7B Takeover Bid

Law360, New York (February 10, 2010, 4:43 PM EST) -- The board of Airgas Inc. has unanimously rejected a $60 per share takeover bid lodged by rival Air Products & Chemicals Inc., ripping the unsolicited offer in what is shaping up to be a nasty corporate cage match between two leaders in the multibillion-dollar specialty gas products industry.

Randor, Pa.-based Airgas, a distributor of industrial, medical and specialty gas products, made the announcement Tuesday evening, four days after it filed suit against Cravath Swaine & Moore LLP claiming the law firm breached its professional duties by...
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