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Airgas Outlines Why It Is Rejecting Air Products' Acquisition Proposal

Airgas Board Unanimously Rejects Latest Air Products Acquisition Bid

Airgas, Inc. (NYSE: ARG), Radnor, PA, announced its Board of Directors voted unanimously to reject the unsolicited tender offer from Air Products & Chemicals, Inc. (NYSE: APD) to acquire all outstanding common shares of Airgas at a price of $60.00 per share in cash. The Board unanimously recommends that Airgas stockholders not tender their shares into Air Products' offer.

The Board noted the value offered by Air Products is unchanged from the unsolicited proposal Air Products made on Feb. 4, 2010, which the Board thoroughly considered and rejected on Feb. 9, 2010.

"The Airgas Board of Directors is unanimous in its belief that the Air Products offer significantly undervalues Airgas and fails to reflect the value of our industry leading position and future growth prospects," said Airgas CEO Peter McCausland. "Since our IPO in 1986, Airgas has employed a disciplined approach to steadily growing revenue, EBITDA and shareholders equity, and Airgas stock has achieved total shareholder return over that period of more than seven times the return of the S&P 500 index."

The latest rejection included many of the same reasons from the prior rejection, including the proposal does not "reflect value of Airgas' industry-leading position and unrivaled platform" nor does it "reflect Airgas' significant leverage to economic recovery." More details on the latest rejection can be found on Airgas' Web site.

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