On Friday, share value of Airgas soared, right before a rival industrial gas supplier sent in an acquisition bid, a development which has managed to raise some suspicious eyebrows.

An unsolicited takeover $60 per share cash bid was launched by competitor Air Products and Chemicals Inc. for Airgas Inc., whose stock rocketed to go beyond that mark, suggesting that investors were expecting a bid which was higher.

The Air Products bid of $5.1 Billion reflects a 38% premium to Airgas's closing price recorded on Thursday. Since then, shares have managed to rise by a whopping 44% to $62.63.

A faster and heavier than usual recorded activity of the stock on Thursday has managed to spur speculations that some investors might have managed to get hold of the acquisition news much before the official announcement news made.

"This unusual action suggests that Friday's deal was not a surprise to everyone. Yesterday's volume stands out because of the high concentration in out-of-the-money calls, where 66 percent of those were bought on the offer", said Trade Alert President Henry Schwartz.