DOW JONES NEWSWIRES
Air Products & Chemicals Inc. (APD) said it extended the
expiration date of its tender offer for Airgas Inc. (ARG) shares to
June 4.
Air Products launched the $5.12 billion hostile offer for its
smaller rival in February. A merger of the two companies would
create the largest industrial-gas maker in North America by
revenue.
The tender offer for $60 a share in cash previously was
scheduled to expire April 9. No other terms of the offer have
changed.
In February, Airgas' board recommended that its shareholders
decline Air Products' offer, saying it "is trying to obtain the
future value of Airgas at a bargain-basement price."
As of the close of business Thursday, about 12,290 shares of
Airgas had been tendered. The company has 82.7 million shares
outstanding.
Airgas shares closed at $63.96 and Air Products shares closed at
$73.87 on Thursday. Neither stock was active after hours.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com