ADVFN - Advanced Financial Network.
HOME» NYSE » A » ARG Stock Price » ARG Stock News

Airgas Share News

 Airgas Inc. Stock Price
ARG Stock Price
 Airgas Inc. Stock Chart
ARG Stock Chart
 Airgas Inc. Stock News
ARG Stock News
 Airgas Inc. Company Information
ARG Company Information
 Airgas Inc. Stock Trades
ARG Stock Trades

Decision Nears In Airgas/Air Products 'Poison Pill' Battle

By Peg Brickley and Maxwell Murphy Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Air Products Inc.'s (APD) takeover saga with Airgas Inc. (ARG), after more than a year of wrangling, will get closer to a resolution on Tuesday, with a Delaware judge poised to say whether target Airgas's corporate defenses will stand or fall. Airgas contends Air Products's $70-per-share offer--which values Airgas at $5.9 billion--is too low, so it's justified keeping its shareholder rights plan, or "poison pill," in place. Air Products says the pill has kept shareholders from making up their own minds for too long, and is asking Vice Chancellor William Chandler to push the defense to the side. Chandler has indicated he'll be ready to "give guidance" at the Tuesday session after a final round of arguments. That's a signal he will, if not rule outright on Tuesday, leave Airgas and Air Products no doubt about which way he's leaning. Whichever way the judge rules, an appeal to the Delaware Supreme Court seems likely. The ultimate verdict will either reinforce the state's historic deference to boards and pills, or it will limit pills in a way that could embolden future bidders. The Airgas board says it won't accept anything less than $78 per share. A verdict for Airgas could drive selling of its stock, which closed Monday at $63.18, as investors will have to wait for Airgas to grow into the valuation it thinks it deserves; an Air Products victory would likely propel shares toward the $70 offer price. Airgas admits many of its shareholders would take the Air Products offer, as many are merger arbitrageurs who entered the fray after Air Products announced its intentions last February. These holders don't care that the offer is too low, Airgas contends, and simply want a speedy deal closing. Air Products Chief Executive John McGlade says $70 is Air Products's best and final offer, and he testified that if the pill remains in place the bid is dead. Those on Air Products's side contend a win for Airgas will put a damper on the deal scene, allowing potential suitors to be kept perpetually at bay. Conversely, Airgas backers contend an Air Products victory would eviscerate pills, giving a decided advantage to bidders willing to engage in attrition. Airgas contends that any shareholders unhappy with the board are free to vote three of its members out at every annual meeting or even call a special interim meeting of shareholders to oust the entire board at any time. At the close of evidence in January, the judge focused on whether Airgas shareholders can be deemed fully informed, and all sides agreed that they now are. Air Products argues that this pill has accomplished its goal of giving the Airgas board and holders time to evaluate the offer, though Airgas supporters note it has been less than two months since Air Products raised its offer to $70 a share. -By Peg Brickley, Dow Jones Newswires; 215-462-0953; -By Maxwell Murphy, Dow Jones Newswires; 212-416-2171;

Stock News for Airgas (ARG)
02/12/201617:26:32Statement of Changes in Beneficial Ownership (4)
02/12/201608:50:57Amended Statement of Ownership (sc 13g/a)
02/11/201614:24:45Additional Proxy Soliciting Materials (definitive) (defa14a)
02/10/201610:03:35Amended Statement of Ownership (sc 13g/a)
02/09/201613:39:36Statement of Ownership (sc 13g)
02/05/201617:01:31Proxy Statement (definitive) (def 14a)
02/05/201612:55:29Statement of Changes in Beneficial Ownership (4)
01/29/201612:15:40Amended Statement of Ownership (sc 13g/a)
01/29/201612:11:10Amended Statement of Ownership (sc 13g/a)
01/28/201607:39:08Current Report Filing (8-k)
01/28/201607:30:00Airgas Reports Fiscal 2016 Third Quarter Earnings
01/26/201616:47:32Current Report Filing (8-k)
01/26/201616:05:00Airgas Declares Regular Dividend for Third Quarter FY2016
01/26/201608:41:52Additional Proxy Soliciting Materials (definitive) (defa14a)
01/26/201608:30:00Update: Air Liquide’s Acquisition of Airgas on Track
01/22/201617:30:11Proxy Statement - Merger or Acquistion (definitive) (defm14a)
01/19/201607:30:00Airgas to Exhibit at the International Production and Processing...
01/12/201611:18:00Faruqi & Faruqi, LLP Announces Filing of a Class Action Lawsuit...
01/12/201608:47:55Niche Markets For Conversion of Liquid Gas to Eco-Friendly Hydrogen...
01/08/201616:59:23Proxy Soliciting Materials (revised) (prer14a)

Airgas and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations