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Air Products (NYSE: APD), Lehigh Valley, PA, has increased its offer to purchase all of the outstanding shares of Radnor, PA-based Airgas, Inc. (NYSE: ARG) to $63.50 per share in cash, an increase of $3.50 per share over its initial offer of $60 per share and an increase of $1.50 over the last offer. The revised offer represents a 46 percent premium to pre-offer price.
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The Airgas Board of Directors responded to the new offer, stating it "will review the revised tender offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. Airgas stockholders are advised to take no action at this time pending the review of the revised offer by the Airgas Board of Directors."
Airgas' 2010 Annual Meeting remains unscheduled but Airgas has stated in SEC filings that it expects to hold the meeting on or before September 17, 2010, and has set a record date of July 19, 2010, for shareholders to be eligible to vote at the meeting.
"We have had extensive and very productive dialogue with Airgas shareholders over the last several months. With this price increase, and the record date now set, we are convinced we will have widespread support from Airgas shareholders for this transaction and for our Board nominees and proposals," says John E. McGlade, Air Products president and CEO.
The revised offer and withdrawal rights continue to be scheduled to expire at 12:00 midnight New York City time on August 13, 2010, unless extended. Except for the price increase, all other terms and conditions of the offer remain unchanged.