Airgas shareholders elect 3 directors nominated by rival Air Products; deal remains unclear

Summary Box: Airgas shareholders add new directors

WHAT HAPPENED: Shareholders of industrial gas supplier Airgas Inc. elected three board members nominated by rival Air Products and Chemicals Inc., which is trying to buy Airgas. Air Products also said shareholders approved some bylaw amendments it proposed, but Airgas said some didn’t receive enough backing.

WHAT’S AT STAKE: Air Products has offered to buy Airgas for $65.50 per share but has said it will walk away if its directors and bylaw amendments aren’t approved.

WHAT’S NEXT: Morgan Stanley analyst Paul Mann thinks the issue ultimately will be resolved in court, although a friendly deal is still possible.