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  • November 2015 (Revised March 2018)
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Air Products' Pursuit of Airgas (A)

By: Charles C.Y. Wang, Paul M. Healy, Penelope Rossano and Kyle Thomas
  • Format:Print
  • | Language:English
  • | Pages:24
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Abstract

This case centers around the Air Products' hostile takeover attempt of Airgas in 2010. Air Products argued that its offer of a 38% premium is generous given Airgas' poor performance, which Air Products attributed to underperforming and entrenched managers at Airgas. On the other hand, Airgas' management argued that the company's recent struggles are cyclical and that Air Products' offer grossly undervalues Airgas' long-run potential. How might Airgas' management credibly communicate its conviction to shareholders? Should Airgas shareholders side with Air Products and accept a certain short term return, or should they side with Airgas' management and accept an uncertain but potentially higher long-term outcome? How should the Airgas board balance its responsibilities to short-term versus long-term shareholders?

Keywords

Acquisition; Business and Shareholder Relations; Industrial Products Industry; Energy Industry; Chemical Industry

Citation

Wang, Charles C.Y., Paul M. Healy, Penelope Rossano, and Kyle Thomas. "Air Products' Pursuit of Airgas (A)." Harvard Business School Case 116-024, November 2015. (Revised March 2018.)
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About The Authors

Charles C.Y. Wang

Accounting and Management
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Paul M. Healy

Accounting and Management
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Related Work

    • November 2015 (Revised March 2018)
    • Faculty Research

    Air Products' Pursuit of Airgas (B)

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    Air Products' Pursuit of Airgas (A)

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    Air Products' Pursuit of Airgas (C)

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    Air Products' Pursuit of Airgas (D)

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    • August 2021
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    Air Products' Pursuit of Airgas

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Related Work
  • Air Products' Pursuit of Airgas (B) By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
  • Air Products' Pursuit of Airgas (A) By: Charles C.Y. Wang, Paul M. Healy, Penelope Rossano and Kyle Thomas
  • Air Products' Pursuit of Airgas (C) By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
  • Air Products' Pursuit of Airgas (D) By: Charles C.Y. Wang, Paul M. Healy and Kyle Thomas
  • Airgas Valuation Instructor By: Charles C.Y. Wang
  • Airgas Valuation Student By: Charles CY Wang
  • Air Products' Pursuit of Airgas By: Charles C.Y. Wang and Paul M. Healy
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