Well before Air Products & Chemicals Inc. (APD) announced its proposal to buy Airgas Inc. (ARG) for $60 a share, driving up the price of Airgas stock by more than 40%, the options on Airgas had been actively traded for several days.

The activity in Airgas options suggests that someone may have known about the buyout offer before Air Products made it public Friday morning.

The options volume "wasn't just yesterday, it was all week," said Henry Schwartz, president of Trade Alert. "It definitely looks pretty dicey."

Shares of Airgas recently traded for $60.50, gaining 39%.

Representatives of Air Products and Airgas were not available for immediate comment.

-By Tennille Tracy, Dow Jones Newswires; 212-416-2183; tennille.tracy@dowjones.com
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