Air Products & Chemicals Inc. (NYSE: APD) has tried multiple times to acquire rival Airgas Inc. (NYSE: ARG).
In July 2010, Air Products offered to acquire Airgas for $63.50 per share in cash, up from a prior offer of $60.00 initial sought in February 2010. Airgas rejected this latest overture.
The $63.50 per share offer comes at a premium of 46% over the closing price of Airgas' shares on February 4, 2010, the day before Air Products announced its initial offer.
Air Products took its offer directly to shareholders and initiated a tender offer than is set to expire on August 13, 2010.