NEW YORK, Sept 6 (Reuters) - Air Products and Chemicals said on Monday it raised its bid for Airgas Inc to $5.5 billion, the latest salvo in its hostile bid for the rival company.
The new Air Products cash offer of $65.50 a share represents a 3 percent increase from its previous bid of $63.50. The company said the price would mark a premium of more than 50 percent to the Airgas closing price on Feb. 4, the day before the takeover drive began.
Airgas, which has called previous offers 'grossly inadequate,' is scheduled to hold an annual meeting on Sept. 15 at which Air Products is hoping to have its nominees for the board elected.
Air Products said that if Airgas shareholders do not elect its three nominees to the board at the meeting, it would terminate the offer and pursue 'other attractive growth opportunities.'
Shares of Airgas closed at $66.67 on the New York Stock Exchange on Friday.
(Reporting by Paul Thomasch; Editing by Kenneth Barry)
((paul.thomasch@thomsonreuters.com; 1 646 223-6092; Reuters Messaging: paul.thomasch.reuters.com@reuters.com)) Keywords: AIRGAS/ (Visit http://blogs.reuters.com/mediafile/ for more coverage at the Reuters MediaFile blog) 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.
The new Air Products cash offer of $65.50 a share represents a 3 percent increase from its previous bid of $63.50. The company said the price would mark a premium of more than 50 percent to the Airgas closing price on Feb. 4, the day before the takeover drive began.
Airgas, which has called previous offers 'grossly inadequate,' is scheduled to hold an annual meeting on Sept. 15 at which Air Products is hoping to have its nominees for the board elected.
Air Products said that if Airgas shareholders do not elect its three nominees to the board at the meeting, it would terminate the offer and pursue 'other attractive growth opportunities.'
Shares of Airgas closed at $66.67 on the New York Stock Exchange on Friday.
(Reporting by Paul Thomasch; Editing by Kenneth Barry)
((paul.thomasch@thomsonreuters.com; 1 646 223-6092; Reuters Messaging: paul.thomasch.reuters.com@reuters.com)) Keywords: AIRGAS/ (Visit http://blogs.reuters.com/mediafile/ for more coverage at the Reuters MediaFile blog) 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.