LEHIGH VALLEY, Pa. (AP) — Air Products & Chemicals Inc. has extended its cash offer to buy all shares of Airgas Inc. for $70 each until Feb. 15 as it tries to drum up more shareholder support for the takeover.
The offer was originally set to expire Friday. But Air Products said Thursday that only about 7.1 million shares of Airgas had been validly tendered into the offer, out of a total of 84.06 million shares outstanding.
Airgas sells industrial and medical gases and provides gas equipment, welding products, tools and safety gear. Air Products, based in Allentown, Pa., sells gases for industrial, medical and other uses. Air Products began its pursuit of Airgas in October 2009, but that company's board has repeatedly rejected Air Products' overtures as "inadequate."
Shares of Air Products fell 45 cents to close at $88.59. Shares of Airgas rose 6 cents to $63.45.