Biotech Values

[DewDiligence]

[OT]—Airgas Directors Say Company Issued Misleading PR

[This takeover attempt is getting weirder and weirder.]

http://www.reuters.com/article/idUSTRE6B94IC20101210?feedType=RSS&feedName=innovationNews&rpc=43

›Fri Dec 10, 2010 12:58pm EST

NEW YORK (Reuters) - Three Airgas (ARG) directors have hired lawyers to challenge company statements that the full board is in "unanimous" opposition to a takeover bid from rival Air Products & Chemicals (APD), according to a report on CNBC.

The three directors, who were supported by Air Products in their bid to join the Airgas board earlier this fall, have hired Skadden, Arps, Slate, Meagher & Flom LLP, one of the world's largest law firms, CNBC said.

Shares of Airgas rose 3 percent to $63.75, while Air Products were up 0.2 percent at $88.84. Airgas and Air Products representatives were not immediately available to comment.

On Thursday, Air Products increased its bid for Airgas by 7 percent to $70 per share cash, or $5.9 billion. Airgas said it would review the latest offer, but has said in the past that it is worth $78 per share.

The three directors initially agreed to wording in a November 2 Airgas letter stating that the board was in "unanimous" opposition to the then-current offer, but now are saying they were misrepresented, CNBC reported.

The three new board members are John Clancey, chairman emeritus of shipping company Maersk; Robert Lumpkins, board chairman of fertilizer producer Mosaic, and Ted Miller, former chief executive officer of wireless communications tower provider Crown Castle International Corp.‹