Terra Industries Rejects CF’s Revamped Takeover Offer

Terra Industries Inc.’s board rejected an increased takeover offer from rival fertilizer maker CF Industries Holdings Inc. as “inadequate” and “opportunistic.”

CF’s proposal also is “not in the best interests of Terra and its shareholders,” Sioux City, Iowa-based Terra said today in a statement. Terra, a maker of nitrogen-based fertilizer, has rejected CF’s previous offers as inadequate.

CF, which itself is the focus of a hostile bid from Agrium Inc., boosted its takeover offer on Nov. 1 to $32 in cash and 0.1034 of a CF share for each share of Terra, valuing the company at $4.07 billion at yesterday’s closing prices. The previous offer was for 0.465 CF share for each Terra share, or about $3.96 billion.

Read Full Article from Bloomberg

- Posted: 2009-11-04 11:07:46

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