Airgas Board of Directors Unanimously Rejects Revised Unsolicited Tender Offer from Air Products


Board Unanimously Recommends Stockholders NOT Tender Shares into the Revised Offer

RADNOR, PA - December 22, 2010 - Airgas, Inc. (NYSE: ARG) today announced that its Board of Directors, after careful consideration with its independent financial and legal advisors, unanimously rejected the revised unsolicited tender offer from Air Products & Chemicals, Inc. (NYSE: APD) to acquire all outstanding common shares of Airgas at a price of $70.00 per share in cash. The Board unanimously recommends that Airgas stockholders NOT tender their shares into Air Products' revised offer.

In making its determination, the Board considered the factors described in the Company's amended Schedule 14D-9, including improvements in the Company's business, in the market performance of the Company's business sector and in the operating and economic environment, and the opinions of Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. as of December 21, 2010 regarding the inadequacy, from a financial point of view, of the price offered by Air Products, based upon and subject to the factors and assumptions set forth in their respective written opinions included in the amended Schedule 14D-9. Accordingly, the Board unanimously concluded that the $70 per share offer is clearly inadequate and that the value of Airgas in a sale, at this time, is at least $78.00 per share, in light of the Board's view of relevant valuation metrics.

The Company's amended 14D-9 filing is available on the Securities and Exchange Commission's website, www.sec.gov. In addition, the amended 14D-9 filing, this press release and other materials related to Air Products' Unsolicited Proposals are available in the "Investor Information" section of the Company's website at www.airgas.com, or through the following web address: http://investor.shareholder.com/arg/airgascontent.cfm.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC 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

Dan Katcher / Andrew Siegel / James Golden
Joele Frank,
Wilkinson Brimmer Katcher
(212) 355-4449

Investor Contact:
Barry Strzelec
barry.strzelec@airgas.com
(610) 902-6256

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