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’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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