CF industries says it has key support in Agrium bid

Deerfield-based CF Industries Holdings Inc., which is resisting a hostile $3.6 billion buyout bid from fertilizer-industry rival Agrium Inc., said Monday that it has received the backing of a prominent proxy-advisor firm.

Agrium, after being rebuffed by CF's board, is bypassing the target company's board of directors and pressing a tender offer directly to CF stockholders, raised the pressure earlier this month by asking CF holders to "send a message" to the company's board, by withholding their votes for the three management-backed CF directors up for re-election at the Deerfield company's April 21 annual meeting.

Agrium isn't putting up an alternative slate of director nominees, but is instead opting for the less strenuous route of asking CF holders for a symbolic withholding.

Read Full Article from Chicago Tribune

- Posted: 2009-04-13 07:59:59

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