Update: Airgas to Fight Court Ruling Over Annual Meeting

The ongoing battle by Air Products & Chemicals to take control of rival Airgas' board of directors and to ultimately try to gain control of the company is heating up again.

On Monday, Airgas announced that it plans to appeal the Delaware Chancery court ruling that would allow the company's annual meeting to take place on January 18 of next year.

In a press release, Airgas said, "that a proposed amendment to its By-Laws to require that a Meeting of Stockholders to be held on January 18, 2011 is invalid under both Delaware law and Airgas' Certificate of Incorporation."

In a hotly disputed vote, Air Products succeeded in replacing threeAirgas directors not long ago, winning its proposal to move the company's meeting of stockholders to January.

But, Air Products' $65.50 a share offer for the industrial gas supplier was soundly rejected recently.

So why is all this important? If you watch Airgas' stock price, it's approaching $70 a share and would appear to be trading above at least what Air Products is going to end up paying—if and when they get to it.

However, so far Air Products has made it clear that they will not pay $70 a share for Airgas, according to people familiar with the matter.

Also it seems that ultimately Airgas is not going to talk to Air Products, no matter what.

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