On the eve of this week’s trial stemming from the takeover battle between Airgas Inc. and Air Products & Chemicals Inc., Airgas filed a complaint asking the Delaware Court of Chancery to resolve a novel issue between the two companies concerning the terms of directors on a staggered board and what exactly is meant by an “annual” meeting.
At the Airgas annual meeting on Sept. 15, shareholders elected three directors to the board who were nominated by Air Products. In addition, a plurality of shareholders approved a bylaw that called for Airgas’ next annual meeting to be held in January, according to court documents.
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