Airgas Inc., distributor of gases, gas equipment and related products, is currently the subject of a series of hostile takeover bids—the largest valued at $60/share, or ~$7 billion—by competing gas-producer Air Products & Chemicals Inc. In addition, a court complaint filed by Air Products alleged that Airgas’ CEO, Peter MacCausland, acted unethically by exercising 300,000 stock options prior to the bid’s public release to gain a tax advantage. Airgas’ board of directors recommended in late February that shareholders reject Air Products’ bids and also denied the allegations, which were filed in Delaware Chancery Court. At press time, Airgas shareholders had not yet had time to vote on the offer. A merged company would represent North America’s largest integrated gas provider for the industrial, medical and specialty markets. For more: http://weldingdesign.com/news/top-story/airgas-rejects-bid-0224/
