Notable Mergers and Acquisitions of the Day 02/05: APD/ARG
Down)- Air Products (NYSE: APD) made an offer to acquire Airgas, Inc. (NYSE: ARG) for $60.00 per share in cash.
The offer was made in a letter to Airgas' Board of Directors yesterday after the CEOs of the two companies had previously discussed Air Products' interest in acquiring Airgas and after Air Products had made two written offers, and these offers and Air Products' requests to discuss them were rejected by Airgas.
At $60.00 per share, the offer provides a 38% premium to Airgas shareholders based on yesterday's closing price of $43.53 and is 18% above Airgas' 52-week high.
The total value of the transaction is approximately $7.0 billion, including $5.1 billion of equity and $1.9 billion of assumed debt.
John E. McGlade, Air Products' chairman, president and chief executive officer, said, "This is an extremely compelling transaction with undeniable strategic and industrial logic that would benefit shareholders, customers and employees of both companies.
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