24 November 2010 00:43 [Source: ICIS news]
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HOUSTON (ICIS)--Air Products on Tuesday decried a court ruling that could scuttle its attempt to acquire industrial gases distributor Airgas.
“We are disappointed that the Delaware Supreme Court has overturned the by-law approved by Airgas shareholders,” said Air Products, an industrial gases producer. “Airgas shareholders have been disenfranchised and have lost hundreds of millions of dollars in market value as a result.”
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.
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