Air Products Goes Hostile in Bid for Airgas
LEHIGH VALLEY, Pa. (
) --
Air Products
(APD) - Get Free Report
has launched a hostile offer for
Airgas
(ARG)
at $60 a share after its friendly bids were rejected.
The offer expires on April 9.
"It is unfortunate that the Airgas board continues to just say no" to the offer of $60 a share, Air Products said in a statement Thursday. Air Products added: "This continuing refusal to discuss our compelling all-cash premium offer has left us with no alternative but to take the offer directly to Airgas shareholders."
Airgas earlier this week
a $5.1 billion unsolicited takeover offer from Air Products saying the bid "very significantly undervalues" the company. Air Products also would assume about $1.9 billion in debt under its offer.
A combination of the two companies would create the largest industrial gas company in North America and one of the largest in the world.
-- Reported by Joseph Woelfel in New York.
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