Airgas Responds to Air Products
RADNOR, PA - August 27, 2010 - Airgas, Inc. (NYSE: ARG) today issued the following statement in response to Air Products (NYSE: APD):
The letter Airgas sent to the Delaware Chancery Court simply reiterates Airgas' position in its proxy statement with regard to Air Products' By-Law Amendment proposal and was sent as a courtesy for the Court's scheduling purposes.
As explained in our proxy statement and in subsequent communications, Airgas believes that the Air Products By-Law Amendment proposal, if approved, would be invalid as it conflicts with both Delaware law and Airgas' Certificate of Incorporation.
With respect to Air Products' assertions regarding our communications with stockholders, we have said consistently, and most recently in our letter to stockholders earlier this week, that Airgas would engage in negotiations if it believed it would result in an appropriate price for Airgas stockholders. $63.50 per share is grossly inadequate and is not close to a sensible starting point for negotiations.
BofA Merrill Lynch and Goldman, Sachs & Co. are serving as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Airgas and its Board of Directors.
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.
Media Contact:
Jay Worley
jay.worley@airgas.com
(610) 902-6206
Joele Frank / Dan Katcher / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
Investor Contact:
Barry Strzelec
barry.strzelec@airgas.com
(610) 902-6256
