Del. High Court Hands Airgas Win In Bylaw Fight

Law360, New York (November 23, 2010, 5:23 PM EST) -- In a potentially significant setback for Air Products and Chemicals Inc. in its attempt to execute a $5.5 billion hostile takeover bid for rival Airgas Inc., the Delaware Supreme Court has nixed a lower court decision upholding an Air Products-backed bylaw that moved Airgas’ annual meeting to January 2011 and paved the way for Air Products to gain control of the Airgas board.


Air Products was able to install three buyout-friendly directors at Airgas’ 2010 annual meeting in September and, through the bylaw approved by...
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