Airgas has sent a letter to Air Products reiterating its opposition to the company's $65.50 offer. More importantly, it also stated that each of Airgas' ten directors think the offer is inadequate.
This is significant because in a hotly-disputed vote, Air Products succeeded in replacing three Airgas directors.
If you watch Airgas' stock price, it's at $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.
Airgas is appealing 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."
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