Airgas Comments on Air Products' Tender Offer Extension
RADNOR, PA - June 2, 2010 - Airgas, Inc. (NYSE: ARG) today issued the following statement regarding the second extension by Air Products & Chemicals, Inc. (NYSE: APD) ("Air Products") of its unsolicited tender offer and Air Products' statement that only 15,981 shares of Airgas common stock, which represents less than 0.02% of the issued and outstanding shares, had been tendered into the offer:
The Airgas Board of Directors remains unanimous in its belief that Air Products' unsolicited tender offer is an opportunistic attempt to transfer the value of Airgas to Air Products at a grossly inadequate price. We believe Airgas has a proven record of outstanding performance and that we have continued to deliver solid results, including record free cash flow in our 2010 fiscal year. We remain on track to achieve our earnings per share target of at least $4.20 in calendar year 2012, reaffirming our Board's belief that Airgas will achieve substantially greater value for stockholders by pursuing our strategic plan than the price that is being offered by Air Products.
The Airgas Board of Directors reiterates its recommendation that stockholders not tender their shares into the Air Products offer, as we continue to believe that it grossly undervalues Airgas and is not in the best interest of Airgas stockholders.
Bank of America 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 over 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.
