Back on January 18 I posted about a takeover battle between Air Products and Airgas that hinged on whether Air Products could force the Airgas board to give up its poison pill provisions and let the shareholders vote on a takeover proposal.

The battle is now over.

The Delaware Supreme Court ruled in favor of the target, Airgas, and Air Products announced it was dropping its hostile takeover.

Observers expect this decision (which the judge admitted was required by law even though he disagreed with the law) will make hostile takeovers nearly impossible where the target company has a Board of Directors with staggered terms.