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Decision Setting Timeframe for Airgas Shareholder Lawsuit

Decision Setting Timeframe for Airgas Shareholder Lawsuit

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Published by DealBook
Decision by Chancellor William Chandler III of Delaware's Court of Chancery, setting a late September or early October timeframe for an Airgas shareholder lawsuit over the company's rebutting of a bid by Air Products.
Decision by Chancellor William Chandler III of Delaware's Court of Chancery, setting a late September or early October timeframe for an Airgas shareholder lawsuit over the company's rebutting of a bid by Air Products.

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Published by: DealBook on Mar 19, 2010
Copyright:Attribution Non-commercial

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03/19/2010

 
COURT OF CHANCERYOF THE
 W 
ILLIAM
B.C
HANDLER 
III
C
HANCELLOR 
STATE OF DELAWARE
C
OURT OF
C
HANCERY 
C
OURTHOUSE
34T
HE
C
IRCLE
G
EORGETOWN
,D
ELAWARE
19947
March 17, 2010Pamela S. Tikellis Kenneth J. Nachbar Chimicles & Tikellis LLP Morris, Nichols, Arsht & Tunnell LLP222 Delaware Avenue 1201 North Market StreetP.O. Box 1035 P.O. Box 1347Wilmington, DE 19899 Wilmington, DE 19899-1347Donald J. Wolfe, Jr.Potter Anderson Corroon LLP1313 North Market StreetP.O. Box 951Wilmington, DE 19899-0951Re:
 Air Products & Chemicals, Inc. v. Airgas, Inc., et al.
Civil Action No. 5249-CC
 In re Airgas, Inc. S’holder Litigation
Civil Action No. 5256-CCDear Counsel:I have considered the briefs on plaintiffs’ motion for expedited proceedings,as well as the March 16 letter from counsel for Air Products and Chemicals, Inc.I deny plaintiffs’ motion as premature insofar as it seeks a trial in ninetydays. A trial in ninety days in these cases is not necessary given the fluid nature of the situation. Airgas’s 2010 annual stockholders meeting will likely serve as acorporate plebiscite on Air Products’ offer, as well as the Airgas board of directors’ responses to that offer, including Airgas’s poison pill and relateddefensive measures. Air Products has made clear its intention to take its casedirectly to Airgas’s shareholders. With this process just beginning to unfold (Air Products initiated its tender offer just five weeks ago), it would be wasteful of theCourt’s and the parties’ resources to require all discovery (including document,expert and deposition work) and trial preparation to be crammed into the nextninety days.

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