For Daniel Neff of Wachtell, Lipton, Rosen & Katz, Wednesday’s announcement that client Airgas Inc. will be acquired by France’s Air Liquide S.A. for $10.3 billion brings more than the usual satisfaction. Five years earlier, Airgas, Neff and his team at Wachtell were in the midst of one of the longest and most tenacious corporate battles of the century—fending off a hostile takeover attempt by Air Products and Chemicals Inc. that dragged on for 16 months.
Airgas and Wachtell prevailed, with the Delaware Court of Chancery issuing an important ruling validating Airgas’ poison pill defense, and Air Products walking away empty-handed. Air Liquide’s all-cash offer of $143 a share is 75 percent higher than the final price that Air Products offered in December 2010 (though, as Bloomberg’s Tara Lachapelle points out, the S&P 500 has risen 92 percent in that time). Airgas is the largest U.S. supplier of industrial gases used in welding and health care.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
