Airgas, Inc. (NYSE:ARG) today confirmed that Air Products & Chemicals, Inc. (NYSE:APD) has commenced an unsolicited tender offer to acquire all outstanding common shares of Airgas at a price of $60.00 per share in cash.
Consistent with its fiduciary duties and as required by applicable law, the Airgas Board of Directors will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. Airgas stockholders are advised to take no action at this time pending the review of the tender offer by the Airgas Board of Directors.
The Airgas Board of Directors, in consultation with its independent financial and legal advisors, intends to advise stockholders of its formal position regarding the offer within ten business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.
Airgas noted that the tender offer is identical in all material respects to the proposal received from Air Products on February 4, 2010 and that Airgas rejected on February 9, 2010.