Air Products Suffers Defeat As Airgas Poison Pill Upheld

Law360, New York (February 15, 2011, 8:17 PM EST) -- A Delaware judge refused Tuesday to invalidate the poison pill that stalled Air Products and Chemicals Inc.'s $5.9 billion hostile bid for rival Airgas Inc., issuing his ruling on the day Air Products' offer was set to expire.

Chancellor William B. Chandler III of the Delaware Chancery Court dismissed with prejudice all claims brought by Air Products and the Airgas shareholder plaintiffs, saying the Airgas board was reasonable in undertaking defensive measures to block Air Products' takeover attempts.

Air Products initially approached Airgas about the deal...
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