December 03, 2010
"While it may be satisfying to ... law professors"
Posted by Gordon Smith

Mason Capital Management LLC, which describes itself as "significant investors" in Airgas, Inc., submitted a letter to the company's board of directors today. The gist of the letter: "reach a deal with Air Products."

This letter was motivated by a letter from Chancellor Chandler to the parties asking for supplemental briefing. While I would be thrilled to see Chancellor Chandler answer the questions in his letter, Mason Capital does not want the company to pay its lawyers to satisfy my curiosity: "While it may be satisfying to M&A lawyers and law professors to see how the issues Chancellor Chandler raises are dealt with by the competing parties, and to see how Chancellor Chandler, and ultimately the Delaware Supreme Court, resolves those issues, a better result for all concerned would be to reach a deal with Air Products."

Thanks to one of our readers for sending me the Chandler letter and the tip on the Mason letter.

Corporate Governance, Corporate Law, Delaware | Bookmark

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