Airgas responds to ‘opportunistic’ offer


The company issued a displeased statement in response to Air Products’ tender offer extension.
Today, Airgas reiterated its thoughts regarding the Air Products saga. The company issued the following statement in response to the second extension by Air Products & Chemicals, Inc.
“The Airgas Board of Directors remains unanimous in its belief that Air Products’ unsolicited tender offer is an opportunistic attempt to transfer the value of Airgas to Air Products at a grossly inadequate price. We believe Airgas has a proven record of outstanding performance and that we have continued to deliver solid results, including record free cash flow in our fiscal 2010 year.”
The statement continued, “We remain on track to achieve our earnings per share target of at least $4.20 in calendar year 2012, reaffirming our Board’s belief that Airgas will achieve substantially greater value for stockholders by pursuing our strategic plan than the price that is being offered by Air Products.
The Airgas Board of Directors reiterates its recommendation that stockholders not tender their shares into the Air Products offer, as we continue to believe that it grossly undervalues Airgas and is not in the best interest of Airgas stockholders.”
Air Products’ original offer tendered 15,981 shares of Airgas common stock. Airgas argued in today’s press release that this equates to under 0.02% of all issued and outstanding shares.

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