Air Products, Welcome To The New Wild West

Law360, New York (August 5, 2013, 9:02 PM EDT) -- The news that activist Bill Ackman bought nearly 10 percent of Air Products & Chemicals Inc. is sure to elicit schadenfreude in anyone who's ever defended a hostile takeover. But it also highlights a new reality in boardrooms, where old threats are giving way to new ones and the same defenses no longer work.

Pennsylvania-based Air Products, which supplies industrial gases, famously launched an unsuccessful bid for rival Airgas Inc. in 2010. The take-no-prisoners chase went up to the Delaware Supreme Court before Air Products walked...
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