Airgas Demands $70-Plus Per Share From Air Products

Law360, New York (October 26, 2010, 1:25 PM EDT) -- Airgas Inc. on Tuesday told Air Products and Chemicals Inc., the specialty gas industry rival behind a contentious and litigious hostile takeover bid, that it was willing to take a seat at the negotiating table — but only if the buyer ups its purchase offer past $70 per share.

Air Products' current $5.5 billion offer, which values each share at $65.50, grossly undervalues the company, but a richer proposal could get both sides talking, Airgas Chairman John van Roden said in a letter to Air Products...
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