US Air Products wins 3 spots on Airgas board

15 September 2010 16:46  [Source: ICIS news]

Air Products wins three Airgas positionsHOUSTON (ICIS)--US industrial gases producer Air Products won three positions on the Airgas board of directors on Wednesday as part of its bid to take over Airgas, the company said.

Shareholders of US gas distributor Airgas elected the three nominees of Air Products, which is trying to take over the company for $5.5bn (€4.2bn), Airgas said.

The three Air Products candidates included John Clancey, chairman emeritus of Maersk and Maersk Line; Robert Lumpkins, chairman of the board of directors of Mosaic; and Ted Miller Jr, former chairman and chief executive of Crown Castle International.

“While we are disappointed with the outcome of today's vote regarding the election of directors, we appreciate the consideration and support of our stockholders,” Airgas said in a statement.

However, two of three proposals by Air Products failed to meet a shareholder threshhold in Wednesday's vote, Airgas said.

One proposal would have limited the ability of the Airgas board to re-seat unelected directors. The chief executive would be excluded from the proposal.

Another would require Airgas to hold its annual shareholder meetings in January.

Airgas said while a majority of shareholders approved the proposals, they still fell short of a 67% threshold. As such, Airgas would not adopt the first two proposals.

The third proposal would repeal all by-law amendments that the Airgas board adopted after 7 April. Airgas adopted those amendments after Air Products's takeover bid.

It was unclear if Airgas would adopt the third proposal.

Airgas did not immediately return calls seeking comment.

Air Products latest offer for Airgas was $65.50/share. The Airgas board had rejected the offer.

Shares of Airgas traded at $66.96, up 3.25%, on the New York Stock Exchange (NYSE). Air Products shares traded at $80.12, down 0.11%

($1 = €0.77)

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By: Al Greenwood
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