Air Products (APD) Ups Offer For Airgas (ARG) to $63.50
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Air Products & Chemicals Inc. (NYSE: APD) announced Thursday that it has raised its offer for Airgas Inc. (NYSE: ARG) to $63.50 per share from a previous bid of $60 per share.
The upgraded price represents a premium of 46 percent over the closing price the day before Air products made its initial offer on February 4, and the bid remains an all-cash offer.
The $60 per share bid had been rejected by board at Airgas and the company’s founder, Peter McCausland.
The previous offer was set to expire on August 13, but Airgas had set a deadline of July 19 for shareholders to vote on the offer, pushing Air Products to increase its bid.
"We have had extensive and very productive dialogue with Airgas shareholders over the last several months,” John E. McGlade, Air Products chairman, president and chief executive officer, said. “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.”
Airgas said that it plans to have a shareholder meeting to vote on the offer on or before September 17.
Shares of Airgas are up 48 cents to $64.35 in aftermarket movement Thursday, while Air Products shares rose 1.54 percent during regular market hours, but are trading flat following the news at $68.78.
The upgraded price represents a premium of 46 percent over the closing price the day before Air products made its initial offer on February 4, and the bid remains an all-cash offer.
The $60 per share bid had been rejected by board at Airgas and the company’s founder, Peter McCausland.
The previous offer was set to expire on August 13, but Airgas had set a deadline of July 19 for shareholders to vote on the offer, pushing Air Products to increase its bid.
"We have had extensive and very productive dialogue with Airgas shareholders over the last several months,” John E. McGlade, Air Products chairman, president and chief executive officer, said. “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.”
Airgas said that it plans to have a shareholder meeting to vote on the offer on or before September 17.
Shares of Airgas are up 48 cents to $64.35 in aftermarket movement Thursday, while Air Products shares rose 1.54 percent during regular market hours, but are trading flat following the news at $68.78.
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