CF Industries to refile premerger notice
Thursday March 19, 2009, 6:16 pm EDT
CF Industries to refile premerger notice with regulators in connection to proposed Terra deal
DEERFIELD, Ill. (AP) -- CF Industries Holdings Inc. said Thursday it has voluntarily withdrawn its premerger notification with regulators regarding its proposed takeover of Terra Industries Inc., but plans to refile on March 23.
The company said it withdrew its notification made Feb. 18 with the Federal Trade Commission and U.S. Department of Justice, in order to allow the FTC more time to review the information submitted without requiring the agency to issue a request for additional information.
Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, antitrust regulators are required to review pending acquisitions.
CF Industries said it remains confident that the transaction will be approved.
The fertilizer company has launched a fight to unseat Terra's board after its takeover attempts repeatedly have been rejected.
In January, CF Industries' original $2.1 billion offer proposed to acquire Terra Industries for 0.4235 shares of CF Industries per common share of Terra Industries. Last week, CF Industries sweetened its deal and offered to pay $27.50 for each Terra share with an exchange ratio between 0.4129 and 0.4539 of a CF Industries share.
Meanwhile, CF Industries is fending off an acquisition bid by agricultural products company Agrium Inc., which has offered a cash-and-stock takeover proposal worth $3.6 billion. The Calgary, Alberta-based company said its proposal is conditioned on CF Industries terminating its pursuit of Terra.
Shares of CF Industries closed up 25 cents to $69.42. Terra shares slipped 21 cents to finish at $27.92.
Source: Associated Press
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