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Airgas, Inc. Investors Alert: Air Products & Chemicals, Inc Offer Under Investigation

If you are currently an investor in shares of Airgas, Inc. (Public, NYSE:ARG), and purchased the shares before February 05, 2010, you have certain options and you should contact the Shareholders Foundation.

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Airgas
Affected Securities: 
NYSE: ARG

An investigation on behalf of current investors in Airgas, Inc. (Public, NYSE:ARG), who purchased ARG shares before February 05, 2010, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price was announced.

The investigations by law firms focus on potential breaches of fiduciary duty and other violations of state law arising out of the offer to sell Airgas, Inc. (Public, NYSE:ARG) to Air Products & Chemicals, Inc. On February 05, 2010 Air Products & Chemicals, Inc. (Public, NYSE:APD) announced that it has made an offer to acquire Airgas, Inc. (NYSE: ARG) for $60.00 per share in cash, or a total transaction value of approximately $7.0 billion, including $5.1 billion of equity and $1.9 billon of assumed debt. According to Air Products (NYSE: APD) the offer of $60.00 per share provides a 38% premium to Airgas shareholders based on yesterday’s closing price of $43.53 and is 18% above Airgas’ 52-week high.

But according to one investigation by a law firm “the transaction appears to be unfair” to current investors of Airgas, Inc. (Public, NYSE:ARG) because the “offer to purchase Airgas, Inc. (ARG) appears opportunistically timed to take advantage of the current economic downturn” and is “grossly unfair, inadequate, and substantially below the fair or inherent value of ARG”.

Airgas, Inc. reported in 2007 Total Revenue of $4.01702billion with a Net Income of $223.35million and in 2008 Total Revenue of $4.349.45billion with a Net Income of $261.09million. Shares of Airgas, Inc. (ARG) traded after the announcement at over $60.50 per share and almost $62 per share. ARG shares traded before the news at about $45 per share, and over $62 per share in 2008.

The investigation “concerns whether the offer of Air Products & Chemicals, Inc represents a breach of fiduciary duties to Airgas, Inc. ( NYSE:ARG) stockholders and whether Air Products & Chemicals, Inc. is underpaying for Airgas, Inc. (Public, NYSE:ARG) shares, thus unlawfully harming ARG stockholders.”

Airgas, Inc., Radnor, PA, and subsidiaries is a distributor of industrial, medical and specialty gases (delivered in packaged or cylinder form), and hardgoods, such as welding equipment and supplies. Airgas is a producer of nitrous oxide in the United States, the liquid carbon dioxide producer in the Southeast, the producer of atmospheric merchant gases in North America and a distributor of process chemicals, refrigerants, and ammonia products.

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