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Environment

CF Spurns Agrium Acquisition Offer

by Melody Voith
March 16, 2009 | A version of this story appeared in Volume 87, Issue 11

The board of directors of fertilizer maker CF Industries has rejected an acquisition offer by rival Agrium, calling its proposal of $72.00 per share "grossly inadequate." CF is in the midst of its own effort to acquire Terra Industries, a bid that has been unsuccessful so far. CF accuses Agrium of attempting to interfere with its proposed merger with Terra. Meanwhile, CF has adjusted its all-stock offer for Terra to equal $27.50 per Terra share as long as the ratio of the two firms' stock prices stays within a certain range. Terra has rejected that offer as well.

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