BREAKINGVIEWS-Air Products needs to pump up its Airgas bid
NEW YORK |
NEW YORK Feb 5 (Reuters Breakingviews) - The $5.1 bln unsolicited advance comes at a 38 percent premium - but Airgas can get more. The net present value of forecast synergies gives room to raise the bid. And hostile precedents, such as Kraft-Cadbury, suggest holding out could be worth another $8 a share.
A considered view will be published shortly.
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-- The author is a Reuters Breakingviews columnist. The opinions expressed are his own --
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(Editing by Rob Cox and Martin Langfield)
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