Air Products boosts Airgas buyout offer to $5.48 billion, or $65.50 per share

Air Products boosts Airgas acquisition offer

LEHIGH VALLEY, Pa. — Air Products and Chemicals is boosting its offer to buy rival Airgas to $65.50 per share, and now wants shareholder approval.

Based on 83.7 million Airgas shares outstanding in August, that puts Air Products’ latest bid at $5.48 billion.

The new bid represents a 50 percent premium over the closing price for Airgas shares of $43.53 on Feb. 4, the day before Air Products’s original bid.

Air Products previously had offered as much as $63.50 per share, but Airgas has said that “grossly undervalues” the company.

Air Products & Chemicals Inc. now wants Airgas Inc. shareholders to elect its three nominees to its board and approve some bylaw proposals at a September 15 meeting. Air Products says it will end its offer if shareholders fail to do so.