Airgas Comments on Delaware Supreme Court Ruling That Air Products' By-Law Amendment Proposal Is Invalid
RADNOR, PA - November 23, 2010 - Airgas, Inc. (NYSE: ARG) today commented on the Delaware Supreme Court's decision to invalidate Air Products' (NYSE: APD) By-Law Amendment proposal to require that an Airgas Meeting of Stockholders be held on January 18, 2011.
"We appreciate the Supreme Court's careful consideration of this matter and believe that today is a victory for Airgas stockholders," said Airgas Chief Executive Officer Peter McCausland. "The Supreme Court's ruling maintains the balance of bargaining power that Delaware companies with staggered boards have always expected."
"The Airgas Board has unanimously determined that Air Products' offer is grossly inadequate and does not adequately compensate Airgas stockholders for the Company's excellent prospects, inherent value and impressive economic performance," Mr. McCausland continued. "Airgas' continued strong performance - which includes year-to-date earnings growth in excess of 20% for fiscal 2011 - outstanding prospects and unique industry position strengthen our conviction that Air Products' offer is far from an appropriate price for the Company. The Board's objective has always been to create value for our stockholders, and we remain committed to that goal."
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
Investor Contact:
Barry Strzelec
barry.strzelec@airgas.com
(610) 902-6256
