Reuters reported on February 22 that Airgas is urging its shareholders to reject a $60-per-share bid from rival company Air Products and Chemicals. The tender offer came after the Airgas board rejected two previous bids from Air Products. In a statement, Airgas called the offer “extremely opportunistic” and said it “grossly undervalues Airgas.”
Air Products would become the biggest industrial gas company in North America if it acquired Airgas.
“The best thing for (Airgas) shareholders right now is for us to keep running the business because there’s tremendous value creation potential,” Airgas Chief Executive Peter McCausland told Reuters. “That value dwarfs the $60 value that was offered by Air Products.”
Air Products responded to the rejection in a statement, saying it “urges Airgas to come to the table in a constructive dialogue that would clearly serve its stockholders better than continued delay.”
The statement also said that Air Products “remains committed to pursuing our $60.00 cash offer and will take all necessary steps to complete it.”
