Air Products makes 'best and final' offer for Airgas

Air Products has made what it calls its "best and final offer" of US$70.00 per share to acquire Airgas, the owner of Red-D-Arc welder rentals.

Air Products and Airgas have been fighting a battle over the proposed takeover since late 2009 when Air Products first signalled its interest. It offered $62.00 per share in February, upped that to $63.50 in the summer and then increased its offer again to $65.50, before this week's offer of $70.00.

Airgas, which has argued consistently that Air Products' previous offers undervalued it, said its board would review the revised offer and advised its shareholders to take no action pending the review.

John McGlade, Air Products chairman, president and chief executive officer, said, "It is time to bring this matter to a conclusion, and we are today making our best and final offer for Airgas." He said Air Products would not pursue the deal indefinitely and that Airgas shareholders in favour of the sale "must make their voices heard now."

The $70.00 offer represents a 61% premium on the Airgas share price the day before Air Products made its first offer in early February. Airgas was trading at $61.80 at the end of the day on 9 December.