Air Products adopts stockholder rights plan
Air Products (APD) announced that its Board of Directors has unanimously adopted a stockholder rights plan (the “Rights Plan” or “Plan”) and declared a dividend of one right for each outstanding share of Air Products common stock.
Air Products has observed unusual and substantial activity in the Company’s shares. The Board of Directors believes that the Rights Plan will help promote the fair and equal treatment of all stockholders of the Company in the event of an accumulation of a substantial block of the Company’s shares and ensure that the Board of Directors remains in the best position to discharge its fiduciary duties to the Company and its stockholders. The Rights Plan has not been adopted in response to any specific takeover bid or other proposal to acquire control of the Company.
Pursuant to the Plan, Air Products is issuing one preferred stock purchase right for each current share of common stock outstanding at the close of business on August 5, 2013. Initially, these rights will not be exercisable and will trade with the shares of Air Products’ common stock.
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