Airgas Ruling May Spark New Tactics On Poison Pills

Law360, New York (February 16, 2011, 8:32 PM EST) -- While Tuesday’s ruling upholding Airgas Inc.’s use of a poison pill fell in line with established case law and was not the game-changer some expected, it provided clarity on a board’s ability to maintain a pill for the long haul and may spur shareholders to attack a pill by other means, experts say.

Air Products and Chemicals Inc. withdrew its $5.8 billion hostile bid for Airgas immediately after Chancellor William B. Chandler III handed down his decision in the Delaware Court of Chancery, ending the yearlong...
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