Airgas distributes the largest amount of industrial, medical, and specialized gases; it also deals with hardware specializing in welding materials. Air Products and Chemicals presented Airgas with a $5.1 billion bid to take over the company; however Airgas rejected the bid replying that Air Products’ bid showed that they didn’t respect the Airgas company. This was a widely foreseen decision by Airgas, but the company still has until April 9th to formally take into consideration Air Products’ $60 per-share-offer. Airgas believes that its value will grow if it continues to remain independent. Air Products is abscent of any plants in North America, but buying Airgas would provide Air Products with a plant in North America, part of the draw in the bid for Airgas.
Air Products has tried and failed 2 times before this to acquire Airgas, this may or may not be the third charm.
