Air Products v. Airgas Public Sessions Continue

Posted by msch on Oct 5, 2010 2:27:00 PM

Airgas Board Lee M ThomasLee M. Thomas, Airgas board member and chairman of the Airgas Governance and Compensation committee, explained why Airgas rejected Air Products' original and subsequent offer. Air Products v. Airgas is being webcast live by CVN.

Mr. Thomas testified that Air Products' offer was "way below what fair value was," and that the subsequent two-dollar bump was not a meaningful difference and did not change the nature of the discussion.

Mr. Thomas said, "There's clearly an industrial benefit" to Air Products in attempting the acquisition, which "would be quite additive to both their structure and their earnings...they were just totally out of the range of any reasonable kind of discussion, and I think they're still totally out of the range."

"I think we'll be trading through $65.50 in 2011," and that Air Products was "trying to buy the company on the cheap."

CVN is webcasting live all portions of the trial that are open to the public. CVN does not guaranty that the court will be in session in any particular morning or afternoon, or that individual sessions will be any particular length. However, CVN video staff are standing by at all times, and will webcast live all proceedings that are available to any member of the public.

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Topics: Air Products v. Airgas