Hints and tips:
...Carlyle provided “a direct financial incentive” for him to breach his duties as an employee, Airgas claims in the suit. Mr Graff declined to comment on the litigation, as did Airgas....
...In one counter-example, Air Products bid $60 for Airgas in 2010, succeeded in installing new directors at the target but still suffered rejection on a final $70 bid. How high would Mr Tan have to go?...
...Mr Collins said the longest process could be in the US, where it took some nine months for Air Liquide to receive approval to buy Airgas last year....
...In May, US regulators approved the $13.4bn takeover of Pennsylvania-based Airgas by France’s Air Liquide, in a decision that gave confidence to Praxair’s management that the Linde transaction could be completed...
...Together they would hold a 40 per cent share of the industrial gases market, giving them a clear edge over Air Liquide, which has a 28 per cent share after concluding a takeover of another competitor Airgas...
...Talks between the Munich-based group and US company come less than a year after France’s Air Liquide agreed to acquire Airgas, its American rival, for about $13.4bn....
...Elsewhere in the global chemicals sector, Air Liquide announced in November a $13.4bn deal for Airgas of the US, which would make the French company the world’s biggest supplier of industrial gases including...
...Long-time Airgas shareholders will be downright euphoric with that outcome. Five years ago, Airgas had another opportunity to sell itself....
...Air Liquide’s worldwide sales were $20.4bn last year, compared to $5.3bn this year for Airgas....
...There is no doubt that the offer looks attractive for Airgas shareholders. At $143 in cash per share, it is at a 51 per cent premium to the average Airgas share price over the past month....
...French rival Air Liquide is bulking up in the US by acquiring Airgas for $13.6bn in cash. Linde, rather than doubling down on industrial customers, is building its healthcare business....
...For Airgas, the price is a vindication of its decision to reject a previous takeover bid, from Air Products of the US, which failed in 2011....
...On the other hand, chemical company Airgas fought off a bid from Air Products by insisting on $78 per share. Today Airgas shares trade at $110....
...The acquisition follows a failed $5.9 billion hostile bid for U.S. gas distributor Airgas Inc. (ARG) that ended in February 2011....
...In a bid to circumvent Airgas’ staggered board device, which allows only a portion of the board to be replaced at once, Air Products won support from Airgas shareholders for a bylaw that would have moved...
...properly compensating Airgas shareholders....
...Under the terms of the pill, which has been part of Airgas’ stockholder rights plan since 1987, once anyone acquires 15% of Airgas, the board is free to offer new shares to existing holders at a discount...
...Airgas declined to comment....
...Mr McGlade urged investors in Airgas to “make their voices heard now”, adding: “The reality is that there are no other bidders for Airgas and Airgas has no alternative value creation plan other than the...
...Air Products, which first bid for Airgas more than a year ago, raised its bid in December to $70 a share. The Airgas board argued that the company was worth at least $78 per share....
...“We appreciate the Supreme Court’s careful consideration of this matter and believe that today is a victory for Airgas stockholders,” Peter McCausland, Airgas chief executive, said....
...Air Products approached Airgas about a takeover in late 2009, but talks have stumbled over the price. Dealbook analyses the Airgas rejection....
...Moreover, they add, Airgas shareholders can call a special meeting to throw out the board....
...Airgas did not respond immediately to a request for comment. Airgas shares closed at $66.67 on Friday, up 40 per cent over the year to date....
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