Airgas CEO Peter McCausland took the stand Tuesday afternoon in Airgas v. Air Products. Mr. McCausland testified that he never asked whether the offer on the table was Air Products’ “best and final,” and he did convey that Airgas was essentially not for sale.
Mr. McCausland agreed that recessions provide good opportunities to complete acquisitions on favorable terms, if you can find a willing seller.
McCausland testified to his belief that the by-law removing the staggered board would shift bargaining power to Air Products was illegal. McCausland stated that he took the vote as a message to Air Products to “stay in the game,” and not as a disagreement with Airgas’s resistance to Air Products’ offers.