In Air Products v. Airgas, today's second witness, Air Products' presiding director William Davis, testified that he was not aware of any instances in which a board of directors viewed its offer as adequate and yet nonetheless removed the company's defenses so as to facilitate the offer.
Mr. Davis also stated his belief that most of the Airgas stock had been acquired by arbitrageurs (arbs) who had acquired their stock for less than $70 and would accept a $70 price.
CVN is webcasting Air Products v. Airgas live.
