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Airgas (NYSE: ARG) shareholders elected three Air Products (NYSE: APD) nominees to the Airgas board of directors, according to preliminary results released by Airgas. The nominations were part of Air Products' hostile takeover bid for the Radnor, PA-based industrial gases and hardgoods distributor.
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Airgas nominees to the board had included CEO Peter McCausland.
Shareholders also voted on proposals to change the date of Airgas' annual stockholder meeting and to prohibit certain individuals from serving on the board of directors.
In a statement, Airgas reiterated its belief "that Air Products' revised offer grossly undervalues Airgas and does not adequately compensate Airgas stockholders for the Company's inherent value, excellent prospects and impressive economic performance since Air Products first announced its offer."
In August, Airgas, No. 4 on MDM's list of top 40 industrial distributors, submitted a letter to the Delaware Chancery Court requesting review of the proposals, if passed, for being in conflict with Delaware law and Airgas' Certificate of Incorporation.
Tabulation and certification of the voted is being conducted by IVS Associates, Inc.