Airgas Calls Air Products' Hostile Bid Price Too Low

Law360, New York (July 21, 2010, 11:33 AM EDT) -- A defiant Airgas Inc. on Wednesday called Air Products & Chemicals Inc.'s sweetened $63.50 per share takeover offer a gross undervaluation and urged its shareholders not to accept its industry rival's tender offer.

The rejection came on the same day Airgas issued strong earnings a week ahead of schedule, jacked up its quarterly dividend by 14 percent and raised guidance on future earnings, moves it hopes are signals to investors that its rival's proposed price is too paltry.

Airgas CEO Peter McCausland said Wednesday that the...
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