Air Products to Airgas shareholders: Time is right for takeover

21 October 2010 19:35  [Source: ICIS news]

HOUSTON (ICIS)--Air Products executives on Thursday urged Airgas shareholders to communicate that the “time is right” to complete Air Products’ $5.5bn (€4bn) takeover bid.

Speaking on an earnings conference call, chief financial officer Paul Huck reiterated that Air Products would nominate another group of independent directors at Airgas’s 2011 meeting in January.

If approved, Air Products could have a majority on the 10-member Airgas board. Airgas shareholders voted at the company’s 2010 meeting on 15 September to replace three Airgas board members with three nominees from Air Products.

The new board members could then vote to approve the takeover deal.

A by-law change allowed the meeting to be moved up by eight months to 18 January 2011, and Airgas lost a court challenge to it earlier this month. Airgas said it would appeal.

Airgas management has contested Air Products’s takeover, saying it undervalues the company.

($1 = €0.72)

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By: Ben DuBose
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