Summary Box: Airgas board rejects Air Products bid
Wednesday September 8, 2010, 3:45 pm EDT
Airgas board unanimously rejects latest purchase offer from Air Products
REJECTED AGAIN: Airgas Inc. said Wednesday that its board members have unanimously rejected a sweetened, $5.5 billion buyout offer from rival Air Products and Chemicals Inc.
THE BACKGROUND: Air Products has pursued a purchase of Airgas for several months. On Monday, it raised its offer $2 to $65.50 per share. But it also said Airgas shareholders must approve its candidates for their board and some bylaw amendment proposals at a Sept. 15 annual meeting.
HEATED WORDS: Airgas said the offer continues to "grossly undervalue" the company. Air Products says the board's actions show it wants to avoid a sale "at any price."
Source: Associated Press
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