US Air Products extends deadline for Airgas bid to December

27 October 2010 22:42  [Source: ICIS news]

HOUSTON (ICIS)--US industrial gases major Air Products on Wednesday extended the expiration date on its $5.5bn (€4.0bn) takeover bid for packaged gas firm Airgas to 3 December from 29 October.

The company said that except for the expiration date, all other terms of its $65.50/share offer remained the same.

Airgas had said on Tuesday that its board was willing to authorise talks on the unsolicited proposal if the offer price was raised to more than $70/share.

However, Air Products said its view of Airgas’ value remained the same and called on the Airgas board to either negotiate with Air Products or allow shareholders to decide.

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 Airgas board of directors was fighting a company by-law change to move up Airgas’s 2011 meeting by eight months to 18 January, which would give Air Products the opportunity to nominate a majority on the 10-member Airgas board and push through the takeover.

Additional reporting by Stefan Baumgarten and Brian Ford

($1 = €0.72)

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By: Ben DuBose
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