CF Industries extends offer for Terra Industries
Friday May 22, 2009, 6:10 pm EDT
CF Industries Holdings extends tender offer for Terra Industries
DEERFIELD, Ill. (AP) -- CF Industries Holdings Inc. said Friday it extended the expiration date of its unsolicited tender offer for all outstanding shares of Terra Industries Inc. to June 26.
The offer was previously scheduled to expire on June 12.
All other terms and conditions remain unchanged.
Deerfield, Ill.-based CF has been trying to strike a deal to take over Terra, which produces and markets nitrogen products, but has faced repeated rejections.
CF Industries in March sweetened an all-stock offer by proposing to pay $30.50 for each Terra share with an exchange ratio between 0.4129 and 0.4539 of a CF Industry share, or around $2.2 billion. In January, CF Industries' proposed to acquire Terra for 0.4235 share of CF Industries per common share of Terra, or $2.1 billion.
Separately, CF Industries turned down Agrium Inc.'s takeover bid for CF after Agrium sweetened its offer to $40 in cash and one share of Agrium for each CF share. Agrium had previously offered $35 and one share of Agrium per CF share.
CF Industries Holdings is the holding company for CF Industries Inc., which produces and distributes nitrogen and phosphate fertilizer products.
Source: Associated Press
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