Airgas Spurns $5.5B Air Products Takeover Bid

Law360, New York (September 8, 2010, 12:42 PM EDT) -- With a crucial shareholder meeting looming, Airgas Inc. said Wednesday that its directors had rejected Air Products and Chemicals Inc.'s unsolicited takeover offer of $5.5 billion in cash as too low.

The announcement from Airgas marked the latest chapter in a drawn-out takeover battle, which began in February with a $60 per share offer from Air Products. The bidder has since ratcheted up the price — the spurned bid offered $65.50 per share — and now is seeking to install three directors on the Airgas board....
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