Airgas Rejects Air Products’ Offer (ARG, APD)

Airgas Inc. (NYSE: ARG) has turned down the merger offer from Air Products and Chemicals Inc. (NYSE: APD). According to Airgas Inc. (ARG), its board of directors unanimously decided to reject the deal as it “very significantly undervalues” the company.

Air Products (APD) had made a bid of $7 billion to purchase the company. It was Air Products’ third bid for Airgas in the last four months. Airgas deals in gasses and gas equipments, whereas Air Products sells gasses for medical and other uses. Air Products has indicated that it would consider going for a hostile takeover of Airgas.