Airgas (ARG) Confirms Receiving Proposal From Air Products (APD)

Airgas Inc. (NYSE: ARG) has confirmed receiving an unsolicited proposal from Air Products & Chemicals Inc. (NYSE: APD) to acquire the company.

Air Products has reportedly made a bid for the acquisition at $60.00 per share. Airgas’ Board of Directors has agreed to review the proposal. In the meantime, Airgas shareholders have been advised not to take any action.

Air Products had made two proposals in 2009 as well. The first all-stock proposal was made in October 2009 and another cash and stock proposal was made in December 2009. Both the proposals were declined by the Airgas’ Board of Directors.