NEW YORK, July 8 (Reuters) - Gas and chemicals company Air Products and Chemicals Inc on Thursday raised its hostile bid for rival Airgas Inc by 5.8 percent to $5.3 billion.
Air Products said it is now offering to pay $63.50 in cash for each Airgas share, up from its previous all-cash bid of $60 a share, which was rejected by the company. The bid is below the current value of Airgas shares, which closed at $63.87 on the New York Stock Exchange on Thursday.
Air Products has nominated a slate of directors to Airgas' board that shareholders will vote on at the company's annual meeting which is expected to be held on or before September 17.
Shareholders who buy shares before July 14 should be eligible to vote at the meeting, Air Products said.
Air Products launched its unsolicited bid for the Radnor, Pennsylvania-based Airgas in February. At stake is the top position in the North American industrial gas market, which many believe is poised for a rebound.
(Reporting by Michael Erman; editing by Carol Bishopric) Keywords: AIRGAS AIRPRODUCTS/ (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) 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.
Air Products said it is now offering to pay $63.50 in cash for each Airgas share, up from its previous all-cash bid of $60 a share, which was rejected by the company. The bid is below the current value of Airgas shares, which closed at $63.87 on the New York Stock Exchange on Thursday.
Air Products has nominated a slate of directors to Airgas' board that shareholders will vote on at the company's annual meeting which is expected to be held on or before September 17.
Shareholders who buy shares before July 14 should be eligible to vote at the meeting, Air Products said.
Air Products launched its unsolicited bid for the Radnor, Pennsylvania-based Airgas in February. At stake is the top position in the North American industrial gas market, which many believe is poised for a rebound.
(Reporting by Michael Erman; editing by Carol Bishopric) Keywords: AIRGAS AIRPRODUCTS/ (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) 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.