Successful public tender offer for LVL Médical Completion of the acquisition

October 12, 2012

As announced on June 8, 2012, Air Liquide* launched a simplified public tender offer for LVL Médical after having acquired 70.49% of its share capital from the company’s controlling shareholders.

The AMF (Autorité des Marchés Financiers) today published the results of the simplified public tender offer initiated by Air Liquide on LVL Médical’s shares and BSAAR** warrants which ran from September 21, 2012 through October 11, 2012 inclusive. 1,443,092 shares and 20,087 BSAAR were acquired. Air Liquide thus holds 9,547,123 shares, representing 89.12% of LVL Médical’s share capital and 89.09% of its voting rights, as well as 25,862 BSAAR warrants. Taking into account the 940,108 treasury shares held by LVL Médical Group, Air Liquide holds now more than 95% of LVL share capital.

In the days ahead, Air Liquide plans to implement a squeeze-out on the remaining LVL Médical shares and BSAAR warrants it does not already own. The squeeze-out will be carried out under the same price terms as the offer, i.e., 30.89 euros per share and 13.20 euros per BSAAR warrant.

LVL Médical is a historical player in the home healthcare sector, with 50,000 patients served at home in France. The company employs 750 people in France and its 2011 sales in France amounted to €104 million.

This transaction gives Air Liquide full ownership of LVL Médical’s French business operations for a net investment of €316 million.

Pascal Vinet, Vice President, Healthcare Global Operations and member of the Group’s Executive Committee, commented: “We are delighted by the success of the public tender offer for LVL Médical, which will enable us to carry out a squeeze-out that will give us 100% of the share capital of LVL Médical as of this October. This acquisition and that of Gasmedi in Spain, which was completed last September, confirm our leadership in the European home healthcare market. The combined expertise of these two companies, allied with our capacity for innovation, will accelerate our development. Health is one of the Group’s growth drivers.”

* by its subsidiary’s intermediary, Air Liquide Santé International
** Subscription warrants or BSAAR: redeemable warrants to subscribe or purchase shares