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Air Products (NYSE: APD), Lehigh Valley, PA, has increased its offer to acquire all outstanding shares of Airgas, Inc. (NYSE: ARG), Radnor, PA, to $70 per share. Previously, the industrial gases company had offered a high bid of $65.50 per share.
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In testimony earlier this fall related to the validity of a bylaw amendment proposed by Air Products, Airgas CEO Peter McCausland stated if "Air Products made a $70 bid and did the things I wanted, I’d recommend" Airgas' board begin negotiations.
"It is time to bring this matter to a conclusion, and we are today making our best and final offer for Airgas," said John E. McGlade, Air Products' president and CEO. "The Air Products Board has determined that it is not in the best interests of Air Products shareholders to pursue this transaction indefinitely, and Airgas shareholders should be aware that Air Products will not pursue this offer to another Airgas shareholder meeting, whenever it may be held."
In connection with increasing the offer to Air Products’ best and final price, and to allow the Delaware Chancery Court time to rule in the ongoing litigation, the expiration of the tender offer has been extended to Jan. 14, 2011.