Airgas Comments on Air Products' Tender Offer Extension and Announcement Regarding Consent Decree
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
259 No. Radnor-Chester Rd.
Radnor, PA, 19087
Press release date: August 16, 2010
RADNOR, PA - August 16, 2010 - Airgas, Inc. (NYSE: ARG) today issued a statement regarding the third extension by Air Products & Chemicals, Inc. (NYSE: APD) ("Air Products") of its unsolicited tender offer.
The Airgas Board of Directors continues to believe that Air Products' unsolicited tender offer is extremely opportunistic and does not fairly compensate Airgas stockholders for Airgas' extraordinary track record, outstanding recent results, increased earnings guidance, excellent future prospects or unique strategic position in the industry.
Today's widely anticipated announcement regarding the Consent Decree with the Staff of the Federal Trade Commission does nothing to change our conviction that the Air Products' offer grossly undervalues Airgas. Airgas has an outstanding history of stockholder value creation and remains confident in its ability to continue delivering superior value to all Airgas stockholders. We are pleased that holders of nearly 80% of Airgas shares have chosen not to tender, notwithstanding Air Products' intensive efforts to get Airgas stockholders to tender by the August 13, 2010, expiration date.
We appreciate the support we have received and encourage all Airgas stockholders not to tender their shares into Air Products' grossly inadequate offer, and similarly encourage those who have tendered to withdraw their shares. Airgas also recommends that stockholders discard any Gold proxy cards they receive and promptly vote the WHITE proxy card "FOR" the three highly qualified Airgas Directors and "AGAINST" Air Products' proposed By-Law amendments.
About Airgas, Inc. Airgas, Inc. (NYSE: ARG), through its subsidiaries, is the largest U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also one of the largest U.S. distributors of safety products, the largest U.S. producer of nitrous oxide and dry ice, the largest liquid carbon dioxide producer in the Southeast, and a leading distributor of process chemicals, refrigerants, and ammonia products. More than 14,000 employees work in approximately 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telesales channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com