DOW JONES NEWSWIRES
Air Products & Chemicals Inc. (APD) extended the deadline of
its $70-a-share hostile takeover bid for rival Airgas Inc. (ARG)
after the offer attracted tepid support from shareholders.
The industrial-gas maker remains embroiled in court proceedings
over its bid for Airgas, which has repeatedly rejected Air
Products's offers--the latest is worth nearly $5.9 billion--since
the overtures were made public nearly a year ago.
On Thursday, Air Products said it would extend the offer until
midnight EST on Feb. 15. It was due to expire Friday.
The extended offer comes after Air Products said about 7.1
million shares of Airgas had been validly tendered into the offer
as of the close of business Wednesday. Airgas has about 85.6
million shares outstanding.
Air Products already extended the expiration of the deal about a
month ago. The company said at the time Airgas shareholders had
validly tendered 3 million shares.
Airgas last week in Delaware's Court of Chancery maintained it
is worth markedly higher than the "best and final" offer from Air
Products, while Air Products continued to argue Airgas's
poison-pill plan unfairly prevents Airgas shareholders from
deciding for themselves. A Delaware corporate-law judge signaled he
could rule on the case as soon as Feb. 8.
Air Products' shares were down 3 cents to $88.56 in after-hours
trading, while Airgas' closed up 6 cents to $63.45.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com