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AIRGAS, INC. v. AIR PRODUCTS AND CHEMICALS

No. 649, 2010.

8 A.3d 1182 (2010)

AIRGAS, INC., James Hovey, Paula Sneed, David Stout, Lee Thomas, John Van Roden, and Ellen Wolf, Plaintiffs and Counter-claim-Defendants Below, Appellants, v. AIR PRODUCTS AND CHEMICALS, INC., Defendant and Counter-claim-Plaintiff Below, Appellee.

Supreme Court of Delaware.

Decided: November 23, 2010.

Attorney(s) appearing for the Case

Donald J. Wolfe, Jr., Esquire , Kevin R. Shannon, Esquire , Berton W. Ashman, Jr., Esquire , and Ryan W. Browning, Esquire of Potter Anderson & Corroon LLP, Wilmington, DE; Of Counsel: Theodore N. Mirvis, Esquire (argued), Marc Wolinsky, Esquire , George T. Conway III, Esquire , Garrett B. Moritz, Esquire , Meredith L. Turner, Esquire , and Jonathon R. La Chapelle, Esquire of Wachtell, Lipton, Rosen & Katz, New York, NY, for appellants.

Kenneth J. Nachbar, Esquire , Jon E. Abramczyk, Esquire , William M. Lafferty, Esquire , John P. DiTomo, Esquire , John A. Eakins, Esquire , and Ryan D. Stottmann, Esquire of Morris, Nichols, Arsht & Tunnell LLP, Wilmington, DE; Of Counsel: David R. Marriott, Esquire , and Gary A. Bornstein, Esquire (argued) of Cravath, Swaine & Moore LLP, New York, NY, for appellee.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices, constituting the Court en Banc.

RIDGELY, Justice:

Air Products and Chemicals, Inc. ("Air Products") and Airgas, Inc. ("Airgas") are competitors in the industrial gas business. Air Products has launched a public tender offer to acquire 100% of Airgas's shares. The Airgas board of directors has received and rejected several bids from Air Products, including its latest offer that valued Airgas at $5.5 billion, because the board determined that each offer undervalued the company. During this entire...

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