Terra Industries Rises After CF Boosts Takeover Bid

Terra Industries Inc. climbed the most in almost eight months in New York trading after rival fertilizer maker CF Industries Holdings Inc. boosted its takeover bid to about $4.05 billion and added a cash portion.

Terra rose $2.32, or 7.3 percent, to $34.09 at 10:17 a.m. in New York Stock Exchange composite trading. The Sioux City, Iowa-based earlier increased as much as 9.4 percent, the biggest intraday gain since March 3.

CF, seeking to become the second-largest publicly traded nitrogen-fertilizer maker after Yara International ASA, offered $32 in cash and 0.1034 of a CF share for each share of Terra yesterday, or the equivalent of $40.61 per share, based on Oct. 30 closing prices. The previous offer was for 0.465 CF share for each Terra share, or about $3.86 billion.

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- Posted: 2009-11-02 10:46:41

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