DOW JONES NEWSWIRES
Air Products & Chemicals Inc. (APD) has told takeover target
Airgas Inc. (ARG) it plans to run a three-person slate for election
to Airgas's board and seek shareholder approval for bylaw changes
as the company takes its next step in the push to buy its smaller
rival.
A merger of the two companies would create the largest
industrial-gas maker in North America by revenue.
Air Products, which has made a $5.1 billion bid for Airgas, is
proposing to limit the board's ability to reseat directors not
elected by Airgas shareholders, require that future annual
shareholder meetings be held in January and repeal all bylaw
amendments adopted by the board since April 7.
It board candidates are John Clancy, former chairman and chief
executive of Maersk Inc.; Robert Lumpkins, chairman of Mosaic Co.
(MOS); and Ted Miller Jr., former chairman and CEO of Crown Castle
International Corp. (CCI).
Air Products Chairman and CEO John McGlade said the proxy
efforts "provide a clear roadmap to completing this transaction as
soon as possible."
Airgas has not scheduled its annual meeting, although it has
said it plans to hold the meeting on or before Sept. 17.
Airgas shares closed at $63.06 and Air Products at $71.47. Both
were inactive after hours. Air Products' bid is $60.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com