Airgas' (NYSE:ARG) board of directors has once again unanimously rejected Air Products & Chemicals' (NYSE:APD) $70-a-share takeover bid, recommending stockholders not tender their shares.
The nation’s largest distributor of industrial, medical and specialty gases and hard goods said it carefully considered the offer but ultimately decided the price was “clearly inadequate.”
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The value of Airgas, based in Radnor, Pa., is at least $78 a share at this point, the company said in a statement. It previously said the company was worth some $6.5 billion.
Earlier this month, Air Products made what it called its “best and final offer” to acquire its rival, upping its bid to $70 a share, a 61% premium over Airgas’ closing price in February when talks were initially made public.
Allentown, Pa.-based Air Products has been attempting to acquire Airgas for more than a year, originally approaching the company in October 2009. It lifted its offer several times in an attempt to strike a deal, with its second-to-last bid valued at $65.50 a share, or $5.5 billion.