In Air Products v. Airgas, Airgas CEO Peter McCausland testified that the EBITDA drop that occurred during the great recession was Airgas's only EBITDA decline in 22 years, and that going forward Airgas was projecting "record earnings".
Mr. McCausland said that the rapid change in Airgas's fortunes confirmed "exactly what we have said, and we have been saying ever since Air Products came along...We've done everything we said we would do."
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.
The first witness to testify in the Air Products v. Airgas trial webcast live by CVN was Air Products CFO Paul Huck, who has led the acquisition effort for Air Products.
The Wall Street Journal said that the upcoming Air Products v. Airgas trial would deliver "one of the most significant [corporate law] decisions in a generation, one that could could affect the balance of power between boards and shareholders."