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We're used to seeing Radnor, PA-based Airgas in the headlines; after all, it is one of the most actively acquisitive distributors in industrial markets. But the headlines over the past year had a decidedly different timbre as the company fought what Airgas President and CEO Peter McCausland called the "proposed steal of Airgas by Air Products."
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"We weren't opposed to being acquired," he says in the latest issue of MDM Premium. "And we didn't oppose the sale of Airgas. ... We were defending the value that our shareholders deserved."
The problem was solely with the valuation of Airgas, McCausland says. "They really weren't offering a premium at all." In what he views as validation of that stance, Airgas' stock value went up on the day Air Products announced it would withdraw its bid and topped $70 per share earlier this month. Air Products' "best and final offer" was $70 per share.
The fight put many of Airgas' acquisition plans on hold for the past year, as well. The companies they approached weren't too receptive to acquisition with the ongoing battle. "No private owner wants to get his company tangled up in someone else’s fight," McCausland says.
Since the bid withdrawal in February, Airgas has restarted its acquisition engine, completing two acquisitions in the last three months and forecasting a pace of $150 million for the current fiscal year.
Read more of MDM's interview with Peter McCausland.
McCausland is also featured in the July 2011 Executive Briefing. Listen now.
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