Air Products Won't Pursue Airgas Bid
December 01 2015 - 2:00PM
Dow Jones News
Air Products & Chemicals Inc. said Tuesday that it won't
seek to break up Airgas Inc.'s $10.3 billion pact to sell itself to
France's Air Liquide SA.
Air Products Chief Executive Seifi Ghasemi said at a conference
that the company "will not pursue a bid to acquire Airgas." Mr.
Ghasemi also backed the company's guidance for $7.25 to $7.50 a
share in earnings for 2016 on a continuing-operations basis.
Air Products had chased Airgas for most of 2010 before being
ultimately rebuffed after a Delaware court upheld Airgas's
so-called poison-pill shareholder rights plan. At the time, Airgas
said it was holding out for a price of at least $78 per share.
In November, Airgas agreed to sell itself to Air Liquide SA in a
deal valued at $143 a share.
Air Products shares were up 0.9% in midday trading, while Airgas
shares ticked up 0.2%.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 01, 2015 13:45 ET (18:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Airgas (NYSE:ARG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Airgas (NYSE:ARG)
Historical Stock Chart
From Apr 2023 to Apr 2024