Peter McCausland

Air Products, Airgas Continue Wrangling Over Poison Pill

Airgas Inc.

(ARG) Wednesday maintained it is worth markedly higher than the $70-a-share "best and final" offer from hostile rival Air Products & Chemicals Inc. (APD), while Air Products continued to argue the Airgas poison pill unfairly prevents Airgas shareholders from deciding for themselves.Wednesday's testimony in Delaware's Court of Chancery marked day two of what's expected to be a three-day trial to decide Air Products' challenge of the Airgas pill, or shareholder-rights plan, which effectively prevents Air Products from consummating its tender offer. The judge in the case has indicated his ruling will come soon after the trial ends, and observers aren't ruling out a decision Thursday.Delaware has mostly upheld challenges to pills since they came into wide usage in the 1980s, and the ultimate result of this trial will have broad implications in how targets defend against unwanted takeovers and how would-be acquirers attempt to defeat those defenses.Investment banker David A. DeN...

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