Air Products Withdraws Bid On Airgas, Oppenheimer Expects APD To Rise And ARG To Decline

Oppenheimer has published a research report on Airgas, Inc.

after Air Products

withdraws its bid on the company. In the report, Oppenheimer writes "Air Products withdrew its $70/share all-cash hostile offer for Airgas after the Delaware Chancery Court upheld its Stockholder Rights Plan. Reaction diverged between the two companies, with APD stating that it was "disappointed," but willing to "move on," and ARG reiterating that the unsolicited advance was "clearly inadequate." We expect APD to rise and ARG to decline as arbs unwind." Oppenheimer maintains its Perform rating on Airgas, which closed yesterday at $63.73.