WILMINGTON, Del., March 18 (Reuters) - A Delaware judge denied a request by Air Products & Chemicals Inc for a quick trial over its $5.1 billion bid for Airgas Inc and suggested the matter go to court no sooner than late September.
In a three-paragraph letter dated Wednesday, Chancellor William Chandler said it was not necessary to cram the discovery and trial preparation process into the next three months, as Air Products requested, because the situation was still unfolding.
'A trial in 90 days in these cases is not necessary given the fluid nature of the situation,' Chandler wrote. 'Airgas's 2010 annual stockholders meeting will likely serve as a corporate plebiscite on Air Products' offer, as well as the Airgas board of directors' responses to that offer, including Airgas's poison pill and related defensive measures.'
Chandler directed lawyers for both companies to complete their investigations and discovery by Sept. 15. He asked the two sides to choose among the weeks of Sept. 27, Oct. 4 and Oct. 11 for the trial to begin.
Air Products and Airgas did not immediately return calls for comment.
The Delaware case is Air Products & Chemicals Inc. v. Airgas Inc, CA5249, Delaware Chancery Court.
(Reporting by Tom Hals; Editing by Lisa Von Ahn) Keywords: AIRGAS AIRPRODUCTS/TRIAL (thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging thomas.hals.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a three-paragraph letter dated Wednesday, Chancellor William Chandler said it was not necessary to cram the discovery and trial preparation process into the next three months, as Air Products requested, because the situation was still unfolding.
'A trial in 90 days in these cases is not necessary given the fluid nature of the situation,' Chandler wrote. 'Airgas's 2010 annual stockholders meeting will likely serve as a corporate plebiscite on Air Products' offer, as well as the Airgas board of directors' responses to that offer, including Airgas's poison pill and related defensive measures.'
Chandler directed lawyers for both companies to complete their investigations and discovery by Sept. 15. He asked the two sides to choose among the weeks of Sept. 27, Oct. 4 and Oct. 11 for the trial to begin.
Air Products and Airgas did not immediately return calls for comment.
The Delaware case is Air Products & Chemicals Inc. v. Airgas Inc, CA5249, Delaware Chancery Court.
(Reporting by Tom Hals; Editing by Lisa Von Ahn) Keywords: AIRGAS AIRPRODUCTS/TRIAL (thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging thomas.hals.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.