Airgas Rejects Hostile Offer; Cravath Suit Stayed

By Christopher Norton

Law360, New York (February 22, 2010, 4:06 PM ET) -- Airgas Inc. has asked its shareholders not to give in to industrial packaged gas rival Air Products & Chemicals Inc.'s $7 billion, $60-per-share hostile takeover offer, while a Pennsylvania judge in Airgas' conflict-of-representation suit against Cravath Swaine & Moore LLP has cleared the decks for the battle over the deal to unfold fully in Delaware.

The Airgas board voted unanimously to reject the unsolicited tender offer from Air Products and asked all stockholders not to tender their shares into the offer, according to a statement Monday....
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