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.‹
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