Airgas Says Could Hold New Shareholder Meeting in June

Airgas said on Monday it would call for a special meeting of its stockholders in June 2011 to conduct a vote for new board members if its shareholders  reject a proposal for a special meeting in January.

Airgas' rival, Air Products and Chemicals, has launched a hostile bid to buy Airgas and has asked Airgas shareholders to vote at the Sept. 15 annual  meeting to call for a new meeting in January to consider new board members.

Airgas management said a January meeting would come just four months after the September meeting and undermine its negotiating position against Air Products.

Holding the meeting so soon after the September meeting would also likely violate Delaware law, under which Airgas is incorporated, the company said. Air Products has launched an offer of $63.50 per share in cash, or $5.3 billion, for Airgas' shares.