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Air Products Again Requests Meeting with Airgas
Airgas continues to reject calls for meeting regarding Air Products' acquisition proposal.
Letters are going back and forth between Airgas and Air Products regarding Air Products’ proposed acquisition of the industrial gases and welding equipment distributor.
In a letter dated March 11, 2010, Air Products President and CEO John McGlade sent a letter to the chairman of the Airgas Board’s Governance and Compensation Committee, Lee Thomas. The letter asks Thomas to set a meeting with Air Products to "discuss the merits of our outstanding offer to acquire Airgas’ common stock for $60 per share in cash."
Airgas has not yet agreed to a meeting with Air Products. McGlade says that if the companies do not meet, Airgas should "establish a process that will permit shareholders to consider our offer in a manner consistent with their rights and with your and our respective obligations of good corporate governance."
In response to the four-paragraph letter, found here, Thomas wrote: "It is our unanimous conclusion that in light of the gross inadequacy of Air Products’ offer, there is no reason for our two companies to meet.
"Further, our Board of Directors is aware of it fiduciary duties. Our Board will make all decisions relating to the annual meeting of stockholders based on these fiduciary duties, and will communicate them to all of our stock holders at the appropriate time." McGlade had requested in his letter that Airgas agree to hold its 2010 shareholder meeting no later than Aug. 18, 2010.
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