Airgas wants Air Products to raise bid to more than $70/share

26 October 2010 15:33  [Source: ICIS news]

TORONTO (ICIS)--Airgas said on Tuesday its board was willing to authorise talks on Air Products' unsolicited takeover bid if the offer price was raised to more than $70/share.

“Each of our 10 directors is of the view that the current Air Products offer of $65.50/share is grossly inadequate,” Airgas said in a letter to Air Products CEO John McGlade.

Airgas pointed to strong year-on-year profit growth in its most recent quarter, which ended on 30 September.

“This continued outstanding performance is further support for what we have said all along. We expect that Airgas will deliver excellent value for our stockholders and, therefore, if Airgas was to be acquired, Airgas stockholders should be appropriately compensated,” it said.

“Each member of our board believes that the value of Airgas in any sale is meaningfully in excess of $70/share,” it added.

Air Products was not immediately available for comment.

($1 = €0.72)

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By: Stefan Baumgarten
+1 713 525 2653

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