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Delaware Ruling in Airgas Case

Delaware Ruling in Airgas Case

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Published by DealBook
Delaware Chancery Court ruling in favor of Airgas in litigation brought by Air Products and Chemicals.
Delaware Chancery Court ruling in favor of Airgas in litigation brought by Air Products and Chemicals.

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Published by: DealBook on Feb 15, 2011
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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
AIR PRODUCTS AND CHEMICALS,INC.,Plaintiff,v.AIRGAS, INC., PETER MCCAUSLAND,JAMES W. HOVEY, PAULA A. SNEED,DAVID M. STOUT, ELLEN C. WOLF,LEE M. THOMAS and JOHN C. VANRODEN, JR.,Defendants.
__________________________________________
IN RE AIRGAS INC. SHAREHOLDERLITIGATION)))))))))))))))))))Civil Action No. 5249-CCCivil Action No. 5256-CC
OPINION
Date Submitted: February 8, 2011Date Decided: February 15, 2011Kenneth J. Nachbar, Jon E. Abramczyk, William M. Lafferty, John P.DiTomo, Eric S. Wilensky, John A. Eakins, Ryan D. Stottmann and S.Michael Sirkin, of MORRIS, NICHOLS, ARSHT & TUNNELL LLP,Wilmington, Delaware; OF COUNSEL: Thomas G. Rafferty, David R.Marriott and Gary A. Bornstein, of CRAVATH, SWAINE & MOORE LLP,New York, New York, Attorneys for Plaintiff Air Products and Chemicals,Inc.Pamela S. Tikellis, Robert J. Kriner, Jr., A. Zachary Naylor and Scott M.Tucker, of CHIMICLES & TIKELLIS LLP, Wilmington, Delaware; OF
 
COUNSEL: Jeffrey W. Golan, M. Richard Komins and Julie B. Palley, of BARRACK, RODOS & BACINE, Philadelphia, Pennsylvania; Mark Lebovitch, Amy Miller and Jeremy Friedman, of BERNSTEIN LITOWITZBERGER & GROSSMAN LLP, New York, New York; Randall J. Baron,A. Rick Atwood, Jr. and David T. Wissbroecker, of ROBBINS GELLERRUDMAN & DOWD LLP, San Diego, California; Leslie R. Stern, of BERMAN DEVALERIO, Boston, Massachusetts; Joseph E. White III, of SAXENA WHITE P.A., Boca Raton, Florida, Attorneys for ShareholderPlaintiffs.Donald J. Wolfe, Jr., Kevin R. Shannon, Berton W. Ashman, Jr. and RyanW. Browning, of POTTER ANDERSON & CORROON LLP, Wilmington,Delaware; OF COUNSEL: Kenneth B. Forrest, Theodore N. Mirvis, EricM. Roth, Marc Wolinsky, George T. Conway III, Joshua A. Naftalis,Bradley R. Wilson, Jasand Mock and Charles D. Cording, of WACHTELL,LIPTON, ROSEN & KATZ, New York, New York, Attorneys forDefendants.CHANDLER, Chancellor
 
TABLE OF CONTENTS
INTRODUCTION..........................................................................................4I. FACTS......................................................................................................11BACKGROUND FACTS........................................................................12
 A. The Parties
.........................................................................................131. Air Products...................................................................................132. Shareholder Plaintiffs....................................................................143. Airgas Defendants.........................................................................14
 B. Airgas’s Anti-Takeover Devices
.........................................................18
C. Airgas’s Five-Year Plan
....................................................................19
 D. Air Products Privately Expresses Interest in Airgas
.........................201. The $60 all-stock offer..................................................................202. Airgas Formally Rejects the Offer................................................253. The $62 cash-stock offer...............................................................27
 E. Air Products Goes Public
...................................................................30
F. The $60 Tender Offer 
.........................................................................32
G. The Proxy Contest 
..............................................................................36
 H. Airgas Delays Annual Meeting
..........................................................39
 I. The $63.50 Offer 
..................................................................................40
 J. Tension Builds Before the Annual Meeting
........................................43

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