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Corporations Keyed to Rhee
Air Products and Chemicals, Inc. v, Airgas, Inc.
Citation:16 A.3d 48 (Del. Ch. 2011)
Air Products launched a hostile bid to acquire Air Gas. However, after a number of reversals in the Delaware courts, after the instant decision, it ultimately terminated its quest for Air Gas after having fought a battle for Air Gas. The source of the debate was due to Air Gas having both a poison pill and a classified board. At the 2010 annual meeting, three directors supported by Air Products were elected to Air Gas’ board over the Air Gas nominees. The three directors joined the other directors in the unanimous view that Air Product’s $70 per share offer was inadequate. Air Products chose not to seek the entire board’s removal. Instead, it challenged the validity of the board’s refusal to redeem the poison pill.
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