Table of Contents
These reports were compiled using a product of Thomson Reuters www.thomsonreuters.com
AIRGAS, INC. / AIR PRODUCTS & CHEMICALS, INC.
2 - 8
- MOORE, KEITH M.
9 - 15
BB&T CAPITAL MARKETS
- LEWIS, HOLDEN, ET AL
16 - 21
DEUTSCHE BANK SECURITIES INC.
- BEGLEITER, DAVID, ET AL
22 - 27
OPPENHEIMER AND CO
- YANG, EDWARD H., ET AL
28 - 30
BUCKINGHAM RESEARCH GROUP, INC.
- ROBERTS, JOHN E., ET AL
Headquarters: 1 Sound Shore Drive; Greenwich, CT 06830
Member FINRA and SIPC. Additional information on all of our research calls is available on request
See last page for analyst certification and important disclosures
Your Vision. Our Focus.
Keith M. Moore, Event-Driven Strategist
RECOMMENDATION: Set up ARG/APD going long ARG. At this time, we recommend taking a 25% full position in the
proposed transaction by going long ARG.
SUMMARY: While the ultimate outcome of this hostile takeover may be drawn out over a long period of time, we
find it to be an opportune time to initiate a position in ARG. We expect APD to commence a tender offer for ARG
shortly, and we believe APD has the ability to ultimately increase its offer to $65‐$70 per ARG share.
DEAL: Airgas Inc. (ARG) / Air Products and Chemicals (APD)
ANNOUNCEMENT DATE: February 5, 2010
TERMS: $60 unfriendly cash offer from APD
CURRENT ANNUALIZED NET SPREAD (UNLEVERAGED): __DOCTEXT__dash;1.02
PRICES: ARG $61.02: APD $67.86
ESTIMATED CLOSING DATE: September 30, 2010, if remains hostile, July 31, 2010, if deal becomes friendly
APPROVALS: Appropriate tender by ARG shareholders (if hostile), ARG shareholders (if friendly), Hart‐Scott Rodino
LARGEST ACL HOLDERS: P. McCausland (CEO) 9.3%, Fidelity 6.9%, Vanguard 4.5%, Barclays 4.2%, Sta