Airgas Rejects 3rd Offer In $5.8B Hostile Takeover

Law360, New York (December 22, 2010, 7:41 PM EST) -- Airgas Inc.'s board of directors has continued its battle against Air Products & Chemicals Inc.'s hostile takeover bid by unanimously rejecting a third revised offer to buy all outstanding shares of the gas distributor for $70 a share.

The board, which calls the offer "clearly inadequate" and says Airgas' value is at least $78 per share, urged stockholders on Wednesday not to tender their shares into Air Products' revised offer.

Air Products had raised its offer price earlier this month from $65.50 to $70 per share,...
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