In the latest development in the prospective acquisition activity between Air Products and Yingde Gases, the former has taken the unusual step of issuing a public rebuttal of previous disclosures from the Chinese company.
Signed by Seifi Ghasemi, President and CEO of Air Products, the pointed letter to Yingde’s Board of Directors expresses ‘surprise’ at the statements that the company and its Chairman, Executive Director and substantial company shareholder Xiangti Zhao made in several recent Public Disclosures.
More specifically, it claims disclosures regarding the progress of the acquisition’s due diligence process do not “accurately characterise the nature of what has happened.”
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