Robbins Umeda LLP announced that it has begun an investigation into possible breaches of fiduciary duty and other violations of state law by Airgas Inc. (ARG) regarding proposed acquisition of Airgas by Air Products & Chemicals Inc. (APD). Under terms, Air Products would buy Airgas for $60 per share in cash.
Previously, in October 2009, Air Products proposed to purchase Airgas for an implied value of $60 per share, and in December 2009, Air Products proposed to purchase Airgas for cash and stock with an implied value of $62 per share. The Board of Airgas rejected both offers.
Robbins Umeda LLP's investigation concerns possible breaches of fiduciary duty and other violations of law related to the rejection of the offers by the Airgas Board.
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