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Air Products and Chemicals, Inc. v. Airgas, Inc.
Citation:
16 A.3d 48 (Del.Ch. 2011).Facts
In October 2009, Air Products approached Airgas about a potential acquisition offering first $60 per share and then $62 per share. In January 2010, Airgas declined the offer and accused Air Products of “grossly undervalu[ing]” the company. Air Products then commenced a hostile takeover in February 2010, making an all-cash offer of $60 per share, it continued raising the offer, reaching $65.50 in September. Airgas had a staggered board and a rights plan in place to defend against takeovers. Due to these mechanisms, an acquirer had to fight for two years to control and redeem the poison pill.
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