Air Products’ long-running effort to acquire Airgas goes to trial in the Delaware Court of Chancery Monday October 4, before Chancellor William B. Chandler III.
Air Products proposed to buy Airgas for $60 per share in February, and has since inflated the offer, now to $65.50, worth approximately $5.5B. In a press release issued yesterday, Air Products highlighted a recommendation by Institutional Shareholder Services (ISS) that Airgas shareholders vote for the Air Products director nominees.
Airgas has consistently resisted, and today stated in its own press release that Air Products’ “low ball offer” was “grossly inadequate,” and claimed that four leading proxy advisory firms recommended against Air Products’ proposal to force a January stockholders meeting, and specifically noted that ISS found the Air Products offer “below a fair and full price.”
Air Products is represented by Cravath Swaine; Airgas is represented by Wachtell Lipton.