The Delaware Court of Chancery Reaffirms the Vitality of the Poison Pill in Airgas

Donald J. Wolfe, Jr., John F. Grossbauer, Kevin R. Shannon, Berton W. Ashman, Jr.

The Delaware Chancery Court's decision in Air Products and Chemicals, Inc. v. Airgas, Inc., reaffirms the vitality of the shareholder rights plan or "poison pill" as a defense against unsolicited and inadequately priced tender offers.  The Court traces Delaware precedent over the past 25 years and concludes that the power to decide to sell the company, while not without limit, resides with the board.

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