Terra Favors CF's Bid Over Yara's

Fertilizer maker Terra Industries Inc. said the latest takeover proposal by CF Industries Holdings Inc. is superior to its merger agreement with Yara International ASA of Norway, and Terra has told Yara it plans to end the agreement unless Yara can make a sweeter offer within five business days.

Terra said CF's latest bid, which came in last week valued at about $4.72 billion in cash and stock, is superior to the $4.1 billion all-cash bid it had accepted from Yara last month.

The CF bid would give Terra $37.15 and 0.0953 a share of CF common stock in exchange for each Terra share, compared with Yara's bid of $41.10.

Read Full Article from Wall Street Journal

- Posted: 2010-03-10 10:46:42

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