Risk Arbitrage, 2nd Edition

APPENDIX B Airgas/Air Products—Text of Court Decision

POINT 1: We will only be using some of the sections of Chancellor Chandler's ruling in this appendix since the entire decision is quite lengthy. The full text of the Delaware Court ruling can be found at the following site:

http://courts.delaware.gov/opinions/download.aspx?ID=150850

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE

AIR PRODUCTS AND CHEMICALS,

INC.,

Plaintiff,

v.

AIRGAS, INC., PETER MCCAUSLAND,

JAMES W. HOVEY, PAULA A. SNEED,

DAVID M. STOUT, ELLEN C. WOLF,

LEE M. THOMAS and JOHN C. VAN

RODEN, JR.,

Defendants.

__________________________________________

IN RE AIRGAS INC. SHAREHOLDER

LITIGATION

Civil Action No. 5249‐CC

Civil Action No. 5256‐CC

OPINION

Date Submitted: February 8, 2011

Date Decided: February 15, 2011

Kenneth J. Nachbar, Jon E. Abramczyk, William M. Lafferty, John P.

DiTomo, Eric S. Wilensky, John A. Eakins, Ryan D. Stottmann and S.

Michael Sirkin, of MORRIS, NICHOLS, ARSHT & TUNNELL LLP,

Wilmington, Delaware; OF COUNSEL: Thomas G. Rafferty, David R.

Marriott and Gary A. Bornstein, of CRAVATH, SWAINE & MOORE

LLP, New York, New York, Attorneys for Plaintiff Air Products and

Chemicals, Inc.

Pamela S. Tikellis, Robert J. Kriner, Jr., A. Zachary Naylor and Scott M.

Tucker, of CHIMICLES & TIKELLIS LLP, Wilmington, Delaware; OF

COUNSEL: Jeffrey W. Golan, M. Richard Komins and Julie B. Palley, of

BARRACK, RODOS & BACINE, Philadelphia, Pennsylvania; Mark

Lebovitch, Amy Miller and Jeremy Friedman, ...