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Air Products (NYSE: APD), Lehigh Valley, PA, has withdrawn its bid to acquire Airgas (NYSE: ARG), Radnor, PA, following a decision by the Delaware Chancery Court to uphold Airgas' poison pill.
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"We are disappointed by the court's decision," said John McGlade, Air Products president and CEO. "We believe the Airgas Board of Directors has done a great disservice to Airgas shareholders by never allowing them to decide for themselves whether they want to accept our $70 per share all-cash offer.
"It is abundantly clear that the Airgas Board is thoroughly entrenched in its position, so we have decided to withdraw our offer and move on."
McGlade said Air Products will continue to look for other acquisition opportunities.
Airgas reiterated its position in a news release today that its Board of Directors "never wavered in its commitments to all stockholders and has remained unanimous in its belief that Air Products' unsolicited offers were inadequate."