02 June 2010 14:34 [Source: ICIS news]
TORONTO (ICIS news)--US industrial gases firm Airgas on Wednesday again rejected a takeover bid by rival Air Products as it responded to Air Products’ second tender offer extension, to 13 August, from 4 June.
“The Airgas board of directors remains unanimous in its belief that Air Products' unsolicited tender offer is an opportunistic attempt to transfer the value of Airgas to Air Products at a grossly inadequate price,” Airgas said.
Airgas said the board reiterated its recommendation that stockholders not tender their shares into the Air Products offer. So far, less than 0.02% of issued and outstanding Airgas shares had been tendered into the offer, it noted.
Airgas has repeatedly turned away Air Products’ $60/share cash offer, first made in February.
The total value of the offer is $7.0bn (€5.7bn), including $5.1bn of equity and $1.9bn of assumed debt, according to Air Products.
($1 = €0.82)
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