Air Products Challenges Airgas' Poison Pill

Law360, New York (January 25, 2011, 7:49 PM EST) -- Air Products and Chemicals Inc.’s $5.9 billion hostile takeover bid for Airgas Inc. returned to court on Tuesday, with Air Products challenging its rival’s use of a poison pill to fend off the acquisition.

Executives for both companies took the stand in the Delaware Court of Chancery, hoping to sway Chancellor William B. Chandler III in a decision that could tip the scales of corporate power in favor of either shareholders or corporate boards.

Air Products contends that the poison pill has “served its purpose,” giving...
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