Air Products Extends Tender Offer for Airgas

Air Products & Chemicals Inc extended its $5.5 billion tender offer to acquire rival industrial gas supplier Airgas Inc by two weeks to await a judge's ruling on a shareholder defense tactic.

Air Products, which is offering $65.50 per share cash for Airgas, extended the deadline to Dec. 17 from Dec. 3.

A Delaware judge is currently considering Air Products' challenge to Airgas' so-called "poison pill," which effectively lets current shareholders massively increase the current share count at a discount to ward off a potential acquisition.
Air Products' move comes a week after the Delaware Supreme Court voided an Airgas bylaw change that would have favored the deal.