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Trial Date Set in Airgas/Air Products Takeover Litigation

By Francis G.X. Pileggi

Air Products and Chemicals, Inc. v. Airgas, Inc., C.A. No. 5249 (Del. Ch., March 17, 2010), read letter decision here. This is the latest ruling from the Delaware Court of Chancery in this high stakes corporate battle.

The Court refused a request to hold a trial before September in this hotly contested imbroglio between Airgas and Air Products. We previously discussed here the offer by Air Products to buy Airgas and the ensuing litigation resulting from Airgas spurning the advances of Air Products, as well as efforts to disqualify counsel due to alleged conflicts--that the Court of Chancery rebuffed, as highlighted on these pages here. Although not as expedited as plaintiffs wanted, holding a trial within about 8 months of filing a complaint in such  a major case is much faster than would occur in most courts around the U.S.

Professor Steven Davidoff discusses here on The New York Times' DealBook, the reasoning of the Court as well as the myriad facets related to the trial being held in September in connection with the related date of the Airgas shareholders' meeting at which Air Products will attempt to elect its own slate of directors.

Full post as published by Delaware Corporate and Commercial Litigation Blog on March 19, 2010 (boomark / email).