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Air Products & Chemicals Inc. (NYSE: APD) has increased its tender offer to acquire industrial gases and hardgoods distributor Airgas Inc. (NYSE: ARG), Radnor, PA, at a price of $65.50 a share in cash. The closing price of Airgas on Friday, Sept. 3, was $66.67.
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Airgas, No. 4 on MDM's list of top 40 industrial distributors, said it would review the revised offer, and that stockholders are advised to take no action pending review.
Bank of America Merrill Lynch and Goldman, Sachs & Co. are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Airgas and its Board of Directors.
Airgas has consistently rejected offers by Air Products to purchase the distributor. View more updates on Airgas at www.mdm.com/airgas.