Air Products moves on, drops bid for Airgas

4:18 PM, 25th May 2011

Air Products moves on, drops bid for Airgas

John E McGlade, Chairman and CEO, Air Products.

LEHIGH VALLEY, US: Air Products commented on the decision by the Delaware Chancery Court to uphold the Airgas, Inc poison pill. “We are disappointed by the court’s decision. We believe the Airgas Board of Directors has done a great disservice to Airgas shareholders by never allowing them to decide for themselves whether they want to accept our $ 70 per share all-cash offer. It is abundantly clear that the Airgas Board is thoroughly entrenched in its position, so we have decided to withdraw our offer and move on,” said John E McGlade, Chairman and CEO, Air Products.

“Acquiring Airgas at an appropriate price would have been a value-creating opportunity. Air Products has many other compelling growth opportunities around the world that we are continuing to pursue. Our business is performing extremely well as evidenced by our most recent results, and we remain focused on executing against our strategic plan and delivering strong results for our shareholders,” he added.

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