Many Airgas shareholders wanted to take a rival’s offer of $70 a share. Its founder, Peter McCausland, fought it off, and five years later a French giant paid more than double. The rival was Air Products, a fellow gas supplier from Pennsylvania. Its chief executive privately pitched a merger in 2009, then went public with a bid in 2010 after McCausland said no. Shareholders even voted McCausland off his own board that year. Airgas’s board insisted the company was worth at least $78 a share and u
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Many Airgas shareholders wanted to take a rival’s offer of $70 a share. Its founder, Peter McCausland, fought it off, and five years later a French giant paid more than double. The rival was Air Products, a fellow gas supplier from Pennsylvania. Its chief executive privately pitched a merger in 2009, then went public with a bid in 2010 after McCausland said no. Shareholders even voted McCausland off his own board that year. Airgas’s board insisted the company was worth at least $78 a share and u
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