02 November 2010 23:08 [Source: ICIS news]
HOUSTON (ICIS)--Airgas said on Tuesday its board of directors estimates that the company is worth $78/share, which is $12.50/share more than what Air Products has offered in its hostile bid.
“In our last letter, we indicated that our board of directors was of the unanimous view that the value of Airgas in any sale is meaningfully in excess of $70 per share,” Airgas board chairman John Roden said in a letter to Air Products chief executive John McGlade.
“To provide greater clarity, the board has unanimously concluded that it believes that the value of Airgas in a sale is at least $78 per share, in light of our view of relevant valuation metrics,” Roden continued.
Air Products was offering $65.50/share for Airgas in a bid valued at $5.50bn (€3.96bn).
At $78/share, Air Products would have to pay more than $6.50bn.
Shares of Airgas on the New York Stock Exchange traded at $70.43 as of 16:00 hours New York time (21:00 hours GMT) after hitting a 52-week high of $71.28 earlier in the day.
($1 = €0.72)
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