Air Products raises bid for Airgas to $70 per share

SAN FRANCISCO (BestGrowthStock) – Air Products & Chemicals Inc (APD.N: ) increased its offer for rival industrial gas supplier Airgas Inc (ARG.N: ) by 7 percent to $70 per share, as it seeks to put an end to a year-long takeover battle.

But shares of Airgas fell 7.6 percent to $61 on Thursday, as Air Products said $70 was its “best and final” offer for Airgas, compared with the $60 it originally offered in February.

“It is time to bring this matter to a conclusion, and we are today making our best and final offer for Airgas,” Air Products Chief Executive John McGlade said in a statement.

Airgas had said the previous bid of $65.50, which valued it at $5.5 billion, was too low and argued that it was worth about $6.5 billion.

(Reporting by Braden Reddall; Editing by Steve Orlofsky)

Air Products raises bid for Airgas to $70 per share