Air Products (APD) Confirms Increased Bid for Airgas (ARG); Offer Now at $63.50/Share
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Air Products (NYSE: APD) today announced it has increased its fully financed offer to purchase all of the outstanding shares of Airgas, Inc. (NYSE: ARG) to $63.50 per share in cash, an increase of $3.50 per share over its initial offer of $60.00 per share and a premium of 46% over the closing price of Airgas' shares on February 4, 2010, the day before Air Products announced its proposal to acquire Airgas. At $63.50 per share, the acquisition is expected to be immediately accretive to Air Products' earnings per share on both a GAAP and cash basis, excluding one-time costs.
John E. McGlade, Air Products chairman, president and chief executive officer, said, "We have had extensive and very productive dialogue with Airgas shareholders over the last several months. With this price increase, and the record date now set, we are convinced we will have widespread support from Airgas shareholders for this transaction and for our Board nominees and proposals. At the same time, we are intensely focused on the interests of Air Products shareholders -- and I want to be very clear to the shareholders of both companies that we will remain disciplined on price."
McGlade continued, "We hope the Airgas Board will take the responsible step for their shareholders and promptly begin negotiations with us. With shareholder support for our increased offer, and continuing positive discussions with the FTC, we believe we can close this mutually beneficial transaction on a timely basis. We urge Airgas shareholders to send a clear and strong message to the Airgas Board by tendering their shares into our offer and voting for our independent Board nominees and proposals at the Annual Meeting."
John E. McGlade, Air Products chairman, president and chief executive officer, said, "We have had extensive and very productive dialogue with Airgas shareholders over the last several months. With this price increase, and the record date now set, we are convinced we will have widespread support from Airgas shareholders for this transaction and for our Board nominees and proposals. At the same time, we are intensely focused on the interests of Air Products shareholders -- and I want to be very clear to the shareholders of both companies that we will remain disciplined on price."
McGlade continued, "We hope the Airgas Board will take the responsible step for their shareholders and promptly begin negotiations with us. With shareholder support for our increased offer, and continuing positive discussions with the FTC, we believe we can close this mutually beneficial transaction on a timely basis. We urge Airgas shareholders to send a clear and strong message to the Airgas Board by tendering their shares into our offer and voting for our independent Board nominees and proposals at the Annual Meeting."
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