Issue Date: March 16, 2009
CF Spurns Agrium Acquisition Offer
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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