LEHIGH VALLEY, Pa.,
Dec. 22, 2010 /PRNewswire-FirstCall/
-- Air Products (NYSE: APD) today responded to the rejection by the
Board of Directors of Airgas, Inc. (NYSE: ARG) of Air Products'
$70 per share cash offer.
John E. McGlade, chairman,
president and chief executive officer, said, "We have made clear
that $70 per share is our best and final offer for Airgas. We
know the market for industrial gases extremely well, and have
offered a full and fair price for this business. Airgas
shareholders should understand that the forecasts relied on by the
Airgas Board and its three financial advisors were provided solely
by Airgas management and were not independently developed or
verified. The fact is that no other bidder has emerged since
we made our offer public over 10 months ago, and many Airgas
shareholders have recently come out and publicly supported our
$70 offer. If the Airgas Board
is so confident that Airgas is worth at least $78 per share, it should redeem its poison pill
and let shareholders decide for themselves whether they want to
accept $70 per share in cash now.
Our offer expires on January 14."
Air Products 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 2010, Air Products had revenues of
$9 billion, operations in over 40
countries, and 18,300 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 $70 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, January 14,
2011, unless further amended in the manner set forth in the
Schedule TO.
This communication does not constitute an offer to buy or
solicitation of an offer to sell any securities. The tender offer
is being made pursuant to a tender offer statement on Schedule TO
(including the Offer to Purchase, a related letter of transmittal
and other offer materials) filed by Air Products with the U.S.
Securities and Exchange Commission ("SEC") on February 11, 2010. INVESTORS AND SECURITY
HOLDERS OF AIRGAS ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED
WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors
and security holders can obtain free copies of these documents and
other documents filed with the SEC by Air Products through the web
site maintained by the SEC at http://www.sec.gov. The Offer to
Purchase and related materials may also be obtained for free by
contacting the Information Agent for the tender offer, MacKenzie
Partners, Inc., at 212-929-5500 or toll-free at 800-322-2885.
SOURCE Air Products