Agrium says CF Industries resisting still
Monday June 29, 2009, 12:50 pm EDT
Canada-based Agrium says CF Industries still resisting takeover efforts
CALGARY, Alberta (AP) -- The chief executive of Agrium Inc. said Monday rival fertilizer company CF Industries Holdings Inc. is still resisting takeover efforts.
Mike Wilson said CF's chairman, Stephen Wilson, indicated he was not willing to meet to discuss the nearly $4 billion deal because nothing has changed.
Wilson said CF is disregarding the wishes of its shareholders, 62 percent of whom had tendered their stock to Agrium's offer as of last week.
Wilson said Canada-based Agrium is still pursuing its hostile bid for CF. The bid was extended last week to July 22.
The company is offering $40 in cash plus one Agrium share for every CF share.
Deerfield, Illinois-based CF Industries has consistently rebuffed Agrium's takeover attempt, saying Agrium is undervaluing the company.
"Steve called Mike Wilson back last week as a personal courtesy, indicating a willingness to listen. However, nothing new is on the table -- the ball's in their court to put a compelling offer on the table," CF Industries spokesman Charles Nekvasil said in an e-mail.
Source: Associated Press
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