On the morning of February 16th, Beijing time, according to foreign reports, Air Products & Chemicals Inc. announced that it had abandoned the acquisition of industrial gas supplier Airgas Inc (ARG) because the Delaware judge backed the latter on Tuesday. The poison pill program initiated by the hostile takeover of $5.9 billion in air chemical products.
For more than a year, Air Products has been seeking to acquire Airgas. However, William B. Chandler III, a judge of the Delaware State Peace Court, dismissed the allegations of air chemical products yesterday. The latter claimed that Airgas’s poison pill plan was flawed because it gave its management too much power to thwart the takeover offer.
However, Chandler III said in the ruling: "If the quotation is reasonable, Airgas's board of directors will not always obstruct the purchase of Air Products or other bidders."
Airgas management has repeatedly rejected the offer of air chemical products. The latter raised the bid for Airgas from $65.5 per share to $70 on December 9 last year, but it was still rejected by Airgas. Airgas believes its company's value is at least $78 per share.
For more than a year, Air Products has been seeking to acquire Airgas. However, William B. Chandler III, a judge of the Delaware State Peace Court, dismissed the allegations of air chemical products yesterday. The latter claimed that Airgas’s poison pill plan was flawed because it gave its management too much power to thwart the takeover offer.
However, Chandler III said in the ruling: "If the quotation is reasonable, Airgas's board of directors will not always obstruct the purchase of Air Products or other bidders."
Airgas management has repeatedly rejected the offer of air chemical products. The latter raised the bid for Airgas from $65.5 per share to $70 on December 9 last year, but it was still rejected by Airgas. Airgas believes its company's value is at least $78 per share.
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