Posted April 5, 2010
Air Products extends Airgas tender offer
Air Products has extended the expiration date of its tender offer for all outstanding common shares of Airgas Inc. until June 4.
The $60 tender offer was previously scheduled to expire on April 9. As of the close of business on April 1, approximately 12,291 shares of Airgas common stock had been tendered into and not withdrawn from the offer.
Responding to the announcement, Airgas issued the following statement:
"Our Board of Directors continues to believe that Air Products' unsolicited offer grossly undervalues the company and its future prospects, including our industry leading position in the packaged gas business, our unrivaled platform, and our substantial recent investments. We remain focused on executing our business strategies so that our stockholders can realize significant benefits as the economy continues to improve.
We appreciate the support we have received and, going forward, encourage all Airgas stockholders not to tender their shares into Air Products' opportunistic and inadequate offer."
Air Products launched the $5.12 billion hostile offer for its smaller rival in February. A merger of the two companies would create the largest industrial-gas maker in North America by revenue.
