Air Products Responds to Airgas's Intention to Appeal Delaware Court Decision to Uphold Adoption of Airgas January Annual Meeting Bylaw
LEHIGH VALLEY, Pa., Oct. 11 -- Air Products (NYSE: APD) today issued the following statement in response to Airgas's announcement of its intention to challenge the decision issued on October 8, 2010 by the Delaware Chancery Court. Chancellor William B. Chandler III ruled that the bylaw providing for the next Airgas, Inc. (NYSE: ARG) Annual Meeting to be held on January 18, 2011 was properly adopted at the Airgas 2010 Annual Meeting on September 15 and that it is valid under Delaware law.
"While we are pleased with the Court's decision, we are disappointed that Airgas continues to oppose the will of its shareholders, as expressed at Airgas's September 15 Annual Meeting, and now intends to oppose the ruling by Chancellor Chandler regarding the validity of Air Products' properly approved bylaw. As always, Air Products stands ready to meet with Airgas, its directors and advisors, to exchange information and to negotiate a mutually beneficial transaction. We remain convinced that such a meeting is in the best interests of both companies' shareholders."
Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. In fiscal 2009, Air Products had revenues of $8.3 billion, operations in over 40 countries, and 18,900 employees around the globe. For more information, visit: www.airproducts.com.
ADDITIONAL INFORMATION
On February 11, 2010, Air Products Distribution, Inc. ("Purchaser"), a wholly owned subsidiary of Air Products and Chemicals, Inc. ("Air Products"), commenced a cash tender offer for all the outstanding shares of common stock of Airgas, Inc. ("Airgas") not already owned by Air Products, subject to the terms and conditions set forth in the Offer to Purchase dated as of February 11, 2010 (the "Offer to Purchase"). The purchase price to be paid upon the successful closing of the cash tender offer is $65.50 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. The offer is scheduled to expire at midnight, New York City time, on Friday, October 29, 2010, unless further extended in the manner set forth in the Offer to Purchase.
SOURCE Air Products
CONTACT: Media Inquiries: Betsy Klebe of Air Products, +1-610-481-4697, klebeel@airproducts.com, or George Sard, gsard@sardverb.com or David Reno, dreno@sardverb.com, both of Sard Verbinnen & Co, +1-212-687-8080; Investor Inquiries: Simon Moore of Air Products, +1-610-481-7461, mooresr@airproducts.com, or Dan Burch, +1-516-429-2721, dburch@mackenziepartners.com, Larry Dennedy, +1-917-658-2478, ldennedy@mackenziepartners.com, or Charlie Koons, +1-917-545-4523, ckoons@mackenziepartners.com, all of MacKenzie Partners
