CBI Industries Inc. said Tuesday it rejected an unsolicited bid from Airgas Inc. for CBI’s liquid carbonic unit.
The CBI board unanimously turned down the offer, valued at up to $1.45 billion, calling it unacceptably low, Oak Brook-based CBI said.
Officials at Airgas, a Radnor, Pa.-based distributor of industrial, medical and specialty gases and related equipment, couldn’t be reached immediately for comment. CBI, however, said Airgas had filed for Federal Trade Commission permission to acquire up to 15 percent of CBI shares.
As a result, CBI amended its takeover defense strategy. Under the new plan, shareholders will receive the right to buy CBI stock at half price if a company or group buys 10 percent of its shares. CBI shares jumped $3.50 Tuesday, closing at $26.37.
