Airgas' board of directors has unanimously rejected Air Products' most recent bid to acquire Airgas for $65.50/share. The offer price is about 3% higher than Air Products' previous bid. "We believe that this slight increase in Air Products' offer price 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," says Airgas chairman and CEO Peter McCausland. "We believe that Air Products' threat to withdraw its offer if Airgas stockholders do not elect its nominees and approve its bylaw proposals is just another coercive tactic designed to facilitate the acquisition of Airgas at the lowest possible price.
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