Air Products adopts anti-takeover plan

Author: , (follow: @69news), news@wfmz.com
Published: Jul 24 2013 08:00:00 PM EDT   Updated On: Jul 25 2013 07:35:46 PM EDT

A Lehigh Valley "gas giant" has developed a plan to defend a potential takeover.

Air Products' board has adopted a stockholder rights plan sometimes known as a "poison pill."

If an investor buys 10 percent of Air Products -- without board approval -- before July 24th of next year other shareholders would be able to buy shares at a much cheaper price.

Air Products says this isn't a response to any particular takeover bid but the company is acting after what it calls unusual and substantial stock activity.

Air Products shares finished up 6.5 percent Thursday.