WHEN: Today, Thursday, December 9th
WHERE: CNBC's "Power Lunch"
Following is the unofficial transcript of Breaking News from CNBC's
. All references must be sourced to CNBC.
DAVID FABER: WANT TO BRING OUR VIEWERS UP TO DATE ON A TAKEOVER BATTLE THAT I HAVE BEEN FOLLOWING FOR YES OVER A YEAR AIR PRODUCTS IS GOING TO RAISE ITS BID FOR AIRGAS TO $70 A SHARE IT IS GOING TO BE A BEST AND FINAL BID FROM AIR PRODUCTS FOR AIRGAS THIS OF COURSE A TAKEOVER BATTLE THAT HAS BEEN GOING ON FOR WHAT 14 OR 15 MONTHS BOTH STOCKS BY THE WAY ARE HALTED AIR PRODUCTS JUST CONCLUDED A BOARD MEETING WHERE THE BOARD OF DIRECTORS ULTIMATELY DID ENDORSE GOING FROM $65.50 THE CURRENT CASH BID TO $70 AND AGAIN I AM TOLD FROM WHAT I AM HEARING IT IS $70 IT IS GOING TO BE A BEST AND FINAL THIS COMING RIGHT AHEAD OF A REQUEST FROM JUDGE CHANDLER IN DELAWARE WHO IS WEIGHING THE MERITS OF A POISON PILL CASE THAT HAS BEEN BROUGHT BY AIR PRODUCTS TO TRY TO GET AIR GAS TO THROW OUT ITS PILL ITS UNCLEAR WHETHER THIS WILL SWAY HIM IN ANY WAY WHICH IF IN FACT HE WOULD THROW A PILL OUT WOULD BE A DECISION OF SOMEWHAT HISTORIC PROPORTIONS FOR M&A OVERALL BUT CERTAINLY GOING TO PERHAPS PUT MORE PRESSURE ON AIRGAS WHOSE BOARD OF DIRECTORS THUS FAR AT LEAST ACCORDING TO THE COMPANY HAS SAID IT BELIEVES $78 IS THE RIGHT NUMBER BUT AGAIN WE CAN TELL YOU AT THIS POINT THAT AIR PRODUCTS HAS RAISED ITS BID TO $70 IT WILL SAY IT IS ITS BEST AND FINAL BID FOR AIRGAS SHARES OF BOTH COMPANIES HALTED AT THIS TIME AND WE WILL SEE OF COURSE WHAT THE LATEST RESPONSE FROM AIRGAS IS AND MOST IMPORTANTLY AT SOME POINT WE WILL GET A DECISION FROM JUDGE CHANDLER IN THAT DELAWARE COURT AS HE RULES ON THAT POISON PILL AT AIRGAS THIS BATTLE BEEN GOING FOREVER THEY WANT TO TRY AND WRAP IT UP FROM WHAT I HEAR AT AIR PRODUCTS HOPING THAT $70 WILL PROVE TO CARRY THE DAY.
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