WILMINGTON, Del., March 18 (Reuters) - A Delaware judge denied Airgas Inc shareholders' request for a quick trial over a spurned $5.1 billion bid by Air Products & Chemicals Inc and suggested the matter go to court in September or October.
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 shareholders 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 all parties to complete their investigations and discovery by Sept. 15. He asked the parties to choose among the weeks of Sept. 27, Oct. 4 and Oct. 11 for the trial to begin.
Air Products and Airgas declined to comment. A lawyer for shareholders did not not immediately return calls for comment.
Shares of Air Products were down 0.2 percent at $74.41 in morning trading, while Airgas fell 0.2 percent to $64.35.
The letter refers to the cases in Hollywood Police Officers Retirement System v. Airgas Inc, CA5256, and Air Products & Chemicals Inc. v. Airgas Inc, CA5249, both in Delaware Chancery Court.
(Reporting by Tom Hals; Editing by Lisa Von Ahn) Keywords: AIRGAS AIRPRODUCTS/ (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 shareholders 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 all parties to complete their investigations and discovery by Sept. 15. He asked the parties to choose among the weeks of Sept. 27, Oct. 4 and Oct. 11 for the trial to begin.
Air Products and Airgas declined to comment. A lawyer for shareholders did not not immediately return calls for comment.
Shares of Air Products were down 0.2 percent at $74.41 in morning trading, while Airgas fell 0.2 percent to $64.35.
The letter refers to the cases in Hollywood Police Officers Retirement System v. Airgas Inc, CA5256, and Air Products & Chemicals Inc. v. Airgas Inc, CA5249, both in Delaware Chancery Court.
(Reporting by Tom Hals; Editing by Lisa Von Ahn) Keywords: AIRGAS AIRPRODUCTS/ (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.
© 2010 AFX News
