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Shareholder Plaintiffs' Brief

Shareholder Plaintiffs' Brief

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Published by DealBook
Shareholder plaintiffs' brief in the battle between Airgas and Air Products and Chemicals.
Shareholder plaintiffs' brief in the battle between Airgas and Air Products and Chemicals.

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Published by: DealBook on Feb 04, 2011
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10/12/2011

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IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE
IN RE AIRGAS, INC. SHAREHOLDER LITIGATION)))C.A. No. 5256-CCAIR PRODUCTS AND CHEMICALS, INC.,Plaintiff,v.AIRGAS, INC., ET AL.,Defendants.)))))))))C.A. No. 5249-CC
SHAREHOLDER PLAINTIFFS’ MEMORANDUM IN RESPONSETO THE COURT’S JANUARY 27, 2011 ORDER 
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLPMark LebovitchAmy Miller Jeremy Friedman1285 Avenue of the Americas New York, NY 10019(212) 554-1400
Co-Lead Counsel 
ROBBINS RUDMAN GELLER & DOWD LLPRandall J. BaronA. Rick Atwood, Jr.David T. Wissbroecker 655 West Broadway, Suite 1900San Diego, CA 92101(619) 231-1058
Co-Lead Counsel 
Dated: February 2, 2011CHIMICLES & TIKELLIS LLPPamela S. Tikellis (Del. ID No. 2172)Robert J. Kriner, Jr. (Del. ID No. 2546)A. Zachary Naylor (Del. ID No. 4439)Scott M. Tucker (Del. ID No. 4925)222 Delaware Ave.P.O. Box 1035Wilmington, DE 19899(302) 656-2500
Co-Lead Counsel and Shareholder  Plaintiffs’ Liaison Counsel 
BARRACK, RODOS & BACINEJeffrey W. GolanM. Richard KominsJulie B. Palley3300 Two Commerce Square2001 Market StreetPhiladelphia, PA 19130(215) 963-0600
Co-Lead Counsel 
REDACTEDVERSIONDated:February3,2011
 
i
TABLE OF CONTENTS
1. Defendants Have Not Identified a Legally Cognizable Threat 2a. This Dispute is All About the Price 2b. The Airgas Shareholders Are Fully Informed andCapable to Decide Whether to Tender 5c. Reasonable Airgas Shareholders Could Presently Prefer the $70 Per Share Tender Offer Price7d. There is No Prisoner’s Dilemma 10e. Delaware Law Adequately Protects Non-TenderingShareholders122. Even if the Tender Offer Does Constitute a Threat, DefendantsHave Not Carried Their Burden to Show Permanent Maintenanceof the Pill is Reasonable in Relation to that Threat15a. The Pill is Preclusive 15b. The Ballot Box Offers No Alternative 16c. Policy Factors Favor Redeeming the Pill 203. The Court Should Grant the Relief Sought by Shareholder Plaintiffs21a. Immediate Redemption of the Pill 21b. Section 203 and Article 6 22c. Undertaking Required of Air Products 23d. Balance of the Equities 23e. Attorneys’ Fees and Expenses 24
 
1
Shareholder Plaintiffs seek an order requiring Defendants to redeem the PoisonPill (“Pill”) of Airgas, Inc. (“Airgas” or the “Company”) and to exempt the $70 per sharecash tender offer (the “Tender Offer”) by Air Products and Chemicals, Inc. (“Air Products”) from the strictures of 8
 Del. C.
§203 (“Section 203”) and Article 6 of theAirgas Certificate of Incorporation (“Article 6”), conditioned upon Air Productsundertaking a subsequent offering period. To sustain their defenses to the Tender Offer,Defendants must prove that the Tender Offer constitutes a threat and that their responseto the Tender Offer is reasonable in proportion to that threat. Defendants have failed in both respects.
See
Pre-Trial Brief at 18-19, Post-Trial Brief at 38-44, Post-Trial ReplyBrief at 14.
1
As instructed by the Court, Shareholder Plaintiffs submit this Memorandumsetting forth their specific claims, with page references to relevant prior briefing, andadditional evidence adduced in connection with the Supplemental Evidentiary Hearingsupporting those claims.
2
This Memorandum also sets forth the specific relief sought byShareholder Plaintiffs.
3
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1
“Pre-Trial Brief” refers to Shareholder Plaintiffs’ Pre-Trial Brief, filed September 24, 2011; “Post-Trial Brief” refers to Shareholder Plaintiffs’ Post-Trial Brief, filed November 1, 2010; “Post-Trial Reply Brief” refers to Shareholder Plaintiffs’ Post-TrialReply Brief, filed November 12, 2010; and “Post-Trial Supp. Brief” refers to Shareholder Plaintiffs’ Post-Trial Supplemental Brief, filed December 10, 2011.
2
Citations herein to “S.E.H. Tr.” refer to the transcript of the SupplementalEvidentiary Hearing held January 25-27, 2011. “Exhibit” refers to the Joint Exhibit listsubmitted to the Court in connection with the Trial and the Supplemental EvidentiaryHearing.

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