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Airgas rejects latest offer from Air Products

Airgas Inc., of Radnor, today said it rejected the latest $5.5 billion buyout offer from rival Air Products & Chemicals Inc.

Airgas Inc., of Radnor, today said it rejected the latest $5.5 billion buyout offer from rival Air Products & Chemicals Inc.

The Airgas board unanimously spurned the $65.50-per-share tender offer, Airgas said. The board urged stockholders to approve its slate of three director candidates, and to reject an Air Products-proposed bylaw change at the company's annual meeting set for Sept. 15.

Air Products CEO John McGlade is asking Airgas shareholders at that meeting to replace three of nine directors, including Airgas chairman and CEO Peter McCausland, with Air Products nominees and also move up the next meeting to January, Bloomberg News said.

Air Products has increased its bid several times since its initial bid for Airgas in February, at $60 per share.

Airgas shares fell 98 cents, to $64.77 in late morning trading today.

The Airgas board "is unanimous in its belief that Air Products' revised offer, which represents only a $2-per-share increase over its previous offer, continues to grossly undervalue Airgas," McCausland said in a written statement.    - Inquirer staff