Taking Stock Of The Airgas Poison Pill Ruling

Law360, New York (March 4, 2011, 12:56 PM EST) -- In a much anticipated decision, the Delaware Court of Chancery rejected a request by Air Products & Chemicals Inc. that the Airgas Inc. board of directors be ordered to redeem its shareholder rights plan (“poison pill”) and other defenses that are stopping Air Products’ tender offer. This case addresses the issue of whether a board that is faced with an unsolicited, structurally noncoercive, allcash tender offer for all outstanding shares can “just say no” in favor of maintaining the status quo and running the company for...
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