Air Products & Chemicals increased its hostile takeover bid for Airgas, raising its all cash bid by $3.50 to $63.50 a share, CNBC has learned.
The higher bid is setting up a big battle that will take place later this summer before Airgas’s annual meeting. The meeting has to be scheduled by Sept. 17.
Airgas has rejected all advances by Air Products this year. Airgas is the largest U.S. distributor of industrial, medical and specialty gases, and the bid is the biggest hostile takeover bid of the year.
Air Products wanted to get the increased bid out by July 19, the record date for the annual meeting, so they can change the shareholder base.
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