Air Products & Chemicals, Inc has submitted several nominees for election to the Airgas Board of Directors at Airgas’ 2010 Annual Meeting of Stockholders. The company also announced intentions to set forth three stockholder proposals at the Annual Meeting.
In response, Airgas’ announcement declared, “We believe that Air Products’ interests are diametrically opposed to those of our stockholders and that Air Products chose its candidates and proposals precisely to help advance its goal of acquiring Airgas at the cheapest possible price.”
Air Products’ CEO recently stated that efforts “Are geared toward helping move this process along in a manner that ends up with success for us and our shareholders.” However Airgas’ displayed doubt, declaring, “We believe that this statement makes it perfectly clear that Air Products is seeking to transfer the value inherent in Airgas to Air Products and its stockholders, to the detriment of the Airgas stockholders.”
The Airgas Board is made up of eight independent directors and Peter McCausland, who is the current Chairman and Chief Executive Officer. Bank of America Merrill Lynch and Goldman, Sachs & Co. are serving as Financial Advisers, while Watchell, Lipton, Rosen & Katz is serving as legal counsel to Airgas and its Board of Directors.
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