Passage of Air Products by-law amendment still being contested.
Latest In Gases & Welding Equipment
Airgas shareholders also voted on proposals for by-law changes submitted by Air Products.
For nearly a year now, Air Products has been fighting to buy industrial gases and hardgoods distributor Airgas. The fight has prompted the question: How likely is it that Air Products will succeed?
To learn more about the mechanics of undertaking a hostile takeover bid, MDM spoke with Jim Hill, executive chairman of Ohio-based Benesch and chairman of the law firm’s private equity practice. Hill provided background on the topic, examples of other deals, and the challenges inherent with this approach.
Distributor advisory councils can provide a more formal avenue for distributors to add value to the channel by providing local market knowledge to manufacturers in a structured setting. This article looks at best practices in implementing a distributor advisory council and why manufacturers and distributors have benefited from participating in these groups.
By formalizing a process for increased communication and partnership, Distributor Advisory Councils are one way some manufacturers have strengthened their relationships with distributors.
Welding, cutting and safety products manufacturer Thermadyne for example started a distributor advisory council in 2005 to move from informal ad hoc meetings to a more formalized process for getting distributor feedback on markets, products and policies. Thermadyne’s advisory council meets twice a year, but other manufacturers’ councils may just meet once a year. Most have more informal contact throughout the year through teleconferences or email.
But some barriers have become easier for companies like Air Products to overcome.
Airgas CEO: Latest bid of $65.50 ‘continues to grossly undervalue Airgas.’
Air Products’ offer now stands at $65.50 a share in cash.
Airgas releases details of its SAP implementation.
Airgas Board of Directors: Air Products ‘continues to grossly undervalue’ the industrial, medical and specialty gases distributor.
Revised offer of $63.50 per share represents a 46 percent premium over pre-offer share price.
The long-term effect is not yet known, but here’s what distributors along the Gulf Coast say they have seen so far.
Airgas board of directors believes offer is ‘grossly inadequate.’
Airgas earnings hurt by legal fees associated with Air Products takeover attempt.
Chemicals, metals and electronics end markets show strongest growth, while manufacturing continues to lag.
Airgas continues to reject calls for meeting regarding Air Products’ acquisition proposal.
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This is the MDM Public Distributor Report, provided on a quarterly basis to subscribers of Modern Distribution Management. This report includes an overview of public distributor earnings calls, Airgas and Air Products acquisition talk, and financial metrics for publicly traded distribution companies.
Latest rejection of Air Products’ hostile takeover attempt echoes reasons from prior rejection in early February.
