Air Products & Chemicals Inc., attempting the largest U.S. takeover of a Chinese firm in more than a decade, has hit a bump as a boardroom battle drags on at Yingde Gases Group Co.
A divided board of the Hong Kong-listed firm failed to agree on a panel needed to review the offer, but has asked Air Products to proceed with due diligence to avoid further delays, Yingde said in a statement to the Hong Kong stock exchange Friday. The world’s biggest producer of hydrogen offered to pay at least HK$5.50 a share, valuing Yingde’s equity at about $1.3 billion.
