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United States: Agrium Again Extends Tender Offer for CF Industries
Publish Date : 20-Feb-2010
Agrium Inc. again extended the tender offer to acquire CF Industries Inc. in a deal valued at $5.47 billion, this time to March 22, saying it remains \"fully committed\" to buying the fertilizer company and adding two of its candidates to its board. The extension comes about a month after CF withdrew its offer to acquire another fertilizer company, Terra Industries Inc., closing one chapter in a long-running turf war in the fertilizer industry that led to CF becoming a takeover target. Norway\'s Yara International ASA unveiled plans Monday to acquire Terra in a $4.1 billion friendly takeover deal.
The global fertilizer market is recovering from a two-year boom-and-bust, triggering a series of efforts to tap improving supply and demand conditions. Agrium President and Chief Executive Officer Mike Wilson said Friday the Yara-Terra deal, illustrates the important benefits of being part of a larger, global company. As of 5 p.m. EST Thursday, about 12.5 million, or 25%, of CF\'s shares had been tendered in support of the Agrium offer. As of Jan. 13, the total was 13.8 million. Agrium shares closed Thursday at $65.98 and CF finished at $102.01. Neither were active premarket. CF holders would get one Agrium share and $45 in return for each of their shares under Agrium\'s latest bid.
