Airgas's board of directors has recommended that its shareholders reject Air Products' proposal to acquire Airgas through a hostile takeover. Air Products launched its hostile bid last week after Airgas rejected its unso- licited $60/share proposal on February 4. “The Airgas board of directors is unanimous in its belief that the Air Products offer significantly under- values Airgas and fails to reflect the value of our industry leading posi- tion and future growth prospects,” says Airgas chairman and CEO Peter McCausland. “We believe that, in an effort to distract Airgas stockholders from the grossly undervalued and highly opportunistic nature of its offer, Air Products has resorted to personal attacks and deceptive statements,” McCausland says.
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