Airgas Amends Stockholder Rights Plan

(RTTNews) - Airgas Inc. (ARG) announced that it has amended its stockholder rights plan. The Amendment to the Rights Agreement modifies the existing terms of the Rights Agreement by lowering the beneficial ownership threshold for triggering the rights plan from 15% of the Company's common stock to 10%.

Any party that beneficially owns 10% or more of the Company's common stock at the time of the public announcement of today's amendment will not trigger the rights plan unless that party either (1), after the time of the public announcement of the amendment, increases its beneficial ownership of the Company's common stock (other than as a result of an acquisition by the Company) to an amount equal to or greater than the greater of (x) 10% or (y) the sum of (i) the lowest beneficial ownership of such person as a percentage of the common stock as of any time from and after the time of the public announcement of the amendment plus (ii) 0.001% or (2) at any time while such person continues to have beneficial ownership of 10% or more of the Company's common stock, exercises any unexercised options, conversion rights, exchange rights, rights, warrants or derivatives contract for shares of the Company's common stock.

Earlier today, Air Liquide SA (AIQUY.PK) has agreed to buy US-based Airgas Inc. in a deal worth $13.4 billion, or 12.5 billion euros, including debt, as the French company expands further into the U.S. market.

Airgas shareholders will receive $143 a share in cash for all outstanding shares of Airgas. The offer represents a premium of 50.6 percent to Airgas' one month average share price, prior to the announcement of the transaction.