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Airgas Shareholders Want More

Air Products & Chemicals is extending its $5.1 billion tender offer for Airgas. Set to expire on April 9, it will now run through June 4.

Air Products says it nabbed 12,291 shares at $60 per share. I’m no expert on such matters to judge whether that is a large amount. It comes out to $737,460, which is nearly enough to buy a rather large house in Allentown. But it does fall short of $5.1 billion and Airgas’ 82.73 million shares outstanding. Airgas management seems to be thanking shareholders for their support as well.

Still, with Airgas trading at $4 above Air Products’ $60 per share offer, one wonders who offered his shares to Air Products for less than what he can get on the open market or would get if Air Products is forced to up its offer in the future.

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