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Airgas Board Reject Take Over Bid from Air Products

Airgas, Inc. (NYSE:ARG) today announced that its Board of Directors has unanimously determined that the unsolicited proposal from Air Products & Chemicals, Inc. (NYSE:APD) ("Air Products") announced on February 5, 2010, very significantly undervalues Airgas and its future prospects and is not in the best interests of Airgas stockholders. The Board rejected the Air Products' proposal after a thorough review and reached its decision after careful consideration with the assistance of its independent financial and legal advisors.

In making its determination that Air Products' February 5, 2010, proposal and its previously rejected $62 per share proposal grossly undervalue Airgas, the Airgas Board of Directors considered, among other factors, the following:

  • Airgas stockholders are poised to realize the benefits of the Company's investments and the nascent economic recovery.
  • Opportunistic timing would transfer the future value of Airgas to Air Products at a bargain basement price.
  • Airgas has a proven track-record of creating value for stockholders (Airgas' stock has consistently and significantly outperformed Air Products' stock) and Airgas is effectively executing on its business plan and delivering solid results.
  • The Airgas Board of Directors is resolutely committed to preserving and enhancing value for Airgas stockholders and will vigorously protect stockholders against grossly undervalued and opportunistic proposals.

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