Abstract

http://ssrn.com/abstract=1982199
 
 

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A Case Study: Air Products v. Airgas and the Value of Strategic Judicial Decision-Making


Steven M. Davidoff


Ohio State University (OSU) - Michael E. Moritz College of Law; Ohio State University (OSU) - Department of Finance

January 1, 2012

Columbia Business Law Review, Forthcoming

Abstract:     
When is it appropriate for Delaware judges to act strategically? This case study documents and analyzes Air Products’ $5.8 billion unsuccessful, hostile offer for Airgas, reviewing the decisions made by the Delaware courts in adjudicating the most prominent takeover bid of 2010. The three court opinions in Air Products v. Airgas show how Delaware courts strategically decide cases and the effect of this decision-making on the course of Delaware corporate law and Delaware’s constituencies. The Airgas case ultimately provides a useful lesson for when, if ever, strategic considerations should influence the outcome of individual Delaware corporate law disputes.

Number of Pages in PDF File: 34

Keywords: Airgas, Air Products, Hostile Takeover, Takeovers, Poison Pill, Delaware, Bylaws, Strategic Decisionmaking, Proxy Contest, Jurisdictional Competition

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Date posted: January 10, 2012 ; Last revised: January 23, 2012

Suggested Citation

Davidoff, Steven M., A Case Study: Air Products v. Airgas and the Value of Strategic Judicial Decision-Making (January 1, 2012). Columbia Business Law Review, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1982199

Contact Information

Steven M. Davidoff (Contact Author)
Ohio State University (OSU) - Michael E. Moritz College of Law ( email )
55 West 12th Avenue
Columbus, OH 43210
United States
Ohio State University (OSU) - Department of Finance ( email )
2100 Neil Avenue
Columbus, OH 43210-1144
United States

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