Engineering News

CF Industries files lawsuit over acquisition bid
Monday August 31, 2009, 6:43 pm EDT

DEERFIELD, Ill. (AP) -- CF Industries Holdings Inc. said Monday that its all-stock offer for Terra Industries Inc. had expired and wouldn't be extended because of opposition from Terra's board.

CF also said it had filed a lawsuit to force Terra to hold a shareholder meeting. Terra responded that its board decided last Tuesday to plan an annual meeting for Nov. 19.

Terra has repeatedly rebuffed takeover bids by Deerfield-based CF.

CF Chairman and CEO Stephen R. Wilson said Terra shareholders could show support for a business combination by voting for his company's director nominees. He said his company was offering a 35 percent premium in an all-stock takeover bid.

Directors of Sioux City, Iowa-based Terra rejected CF's offer, which Terra executives said "substantially undervalues" their company. CF raised its offer this month to 0.465 shares of CF for each share of Terra, which makes and sells nitrogen products.

CF said Monday that since any offer would need approval of Terra's board, it would not extend its proposal after it expired.

In January, CF made an offer valued at around $2.1 billion, then sweetened it in March to about $2.2 billion.

Deerfield-based CF is a holding company for CF Industries, which sells nitrogen and phosphate fertilizer products.

Shares of CF fell 46 cents to $81.66, and Terra shares dropped 1.01, or 3.1 percent, to $31.11.

Source: Associated Press

Engineering News Archive


Applicant Procedures
Job Seekers
Resume Help
Professional Organizations
Engineering Career Information
Engineering Colleges

Recruiters for
Professionals in the Chemical
& Pharmaceutical Industries
We recruit exclusively for Engineers and Operations/Maintenance Management Personnel in the following areas:
Specialty chemicals
Bulk chemicals
Commodity Chemicals
Fine chemicals
Industrial gases
Career Center | FAQs | Privacy
SESI Corporate Headquarters (954)755-3121 ext 109
© Search Enterprises, Inc. All rights reserved.
Submit a Job About Search Enterprises Submit a Resume Candidates Job Opportunities Search Enterprises Home