A takeover battle involving Air Products Distribution Inc. and Airgas Inc. became more heated this week as the companies maneuvered to establish when the next Airgas annual meeting will convene.

In October, Air Products began a series of unwelcome takeover bids for Airgas, another distributor of specialty gases for industrial use. Airgas has been resisting the overture for many months, aggravating Air Products in the process.

Air Products said in a statement that the other firm has been "stonewalling" since the original offer was made. "The Airgas Board remains determined to use any and all means to avoid a referendum on Air Products' offer," according to the statement.

Airgas is using more than one tactic to resist its suitor, which is avid to put its representatives on the target's board as soon as possible.

Airgas is trying to buy time to improve its financial performance, while Air Products is eager to ... Full Story

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Source: Client Memorandum Full Story

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