Industrial gas company Airgas, which is being pursued by rival Air Products, said its board concluded that the value of the company in a sale is at least $78 a share, nearly 20% more than Air Products' current bid.

Air Products has launched a $5.5 billion hostile bid for Airgas, offering the company's shareholders $65.50 cash per share.

Shareholders elected a slate of three Air Products backed directors to Airgas' board in September.

Airgas said in a filing with the Securities and Exchange Commission that the $78 per share valuation was a unanimous finding by its board. At that value, the company would be worth $6.53 billion.