Fertilizer Takeover Wars Continue

Finance World News Update by EQUITIES Magazine

Beverly Hills 11/23/2009 05:27 PM GMT (TransWorldNews)

Today, as Agrium Inc. promised to continue its pursuit of CF Industries Holdings Inc., CF resubmitted its buyout offer to Terra Industries Inc., only to have it immediately rejected.

Last Thursday, Agrium said its $5 billion buyout offer, which CF Industries’ management is violently opposed to, was supported by shareholders controlling 62 percent of CF Industries Stock. The offer includes $45 in cash and one Agrium common share per CF share.

Meanwhile, CF’s $4.1 billion cash and stock offer, resubmitted over the weekend with a “go shop” provision allowing Terra to actively solicit better acquisition proposals from third parties for roughly 30 days after the agreement is signed, was rejected by Terra once again.

Shares of CF rose $1.31 to $84.04 as Agrium stocks grew 82 cents to $58.13. Shares of Terra fell 49 cents to $39.61.

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