Airgas is trying to convince a Pennsylvania court that Cravath should be conflicted out of representing Air Products in Air Products hostile takeover bid of Airgas.
We previously noted that Cozen O’Connor, counsel for Airgas, was not mincing words in attacking Cravath, which has previously done work for Airgas. You can’t decide when it suits your pleasure to drop one client like a hot potato,” name-partner Stephen Cozen said.
The Pennsylvania lawsuit is a sideshow to the true battle occurring between Airgas and Air Product in Delaware Chauncery court. Last night Cravath filed, on behalf of Air Products, an amended complaint that alleged that Airgas’ directors are not acting in good faith, in part by trying to attack Cravath’s representation of them.
Michael J. de la Merced, reporting for DealBook: In the new complaint, Air Products contends that Airgas’ attempt in Pennsylvania state court to bar Cravath from advising on the takeover bid is a “disingenuous” cheap shot. (Airgas has said for months that Cravath, which advised the company on more than a dozen financings, has confidential information that it then used to help a rival. Cravath has repeatedly denied those assertions.)
Read de la Merced’s full report — including Air Products contention that Goldman, who is Airgas’ primary adviser, has equal conflicts problems, here.
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