Airgas wins court appeal in Air Products takeover fight

23 November 2010 21:39  [Source: ICIS news]

HOUSTON (ICIS)--The Delaware Supreme Court on Tuesday invalidated a by-law change that would have helped Air Products in its hostile takeover bid for Airgas.

Airgas had appealed a Delaware Court of Chancery ruling in October that upheld the by-law change, which would have moved Airgas’s annual stockholder meeting up by eight months to 18 January.

Airgas’s management is contesting Air Product’s $5.5bn (€4.0bn) hostile takeover bid, saying it undervalues Airgas.

Airgas shareholders voted on 15 September to replace three Airgas board members with three nominees from Air Products. The by-law change would have allowed the new board members to vote in January to approve the takeover.

($1 = €0.73)

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By: Brian Ford
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