Air Products' (NYSE:APD) "Final Offer" Rejected by Airgas (NYSE:ARG)

The board of Airgas (NYSE:ARG) has unanimously rejected the final offer made by Air Products (NYSE:APD), which was increased 7 percent from the previous offer to $70 a share. That valued Airgas at $5.88 billion.

Airgas called the latest offer as their "best and final" one.

The board of Airgas said it was "clearly inadequate," and they believe the company is worth a minimum of $78 a share.

Air Products responded, saying, if the board of Airgas was so confident in the value of the company than they shouldn't have any problem allowing shareholders to make the decision on the bid.

The company also noted that before the first bid by them Airgas has a bid 61 percent higher than when they closed the day before.

Airgas closed Wednesday at $61.44, down $1.78, or 2.82 percent. Air Products closed at $90.57, up $0.04, or 0.04 percent.

The offer for the company will expire on January 14 if no response comes.