Air Products & Chemicals, Inc., made a tender offer of $70 per share to the shareholders of Airgas, Inc. The Airgas board rejected the offer as inadequate and took defensive measures to block the bid. Some Airgas shareholders filed a suit against Airgas, seeking an order to compel the board to allow the shareholders to decide whether to accept Air Products' offer.
Who should have the power to accept or reject a tender offer? Why? How can directors best fulfill their duty to act in the interest of their shareholders?