CF Spurns Agrium Acquisition Offer | March 16, 2009 Issue - Vol. 87 Issue 11 | Chemical & Engineering News
Volume 87 Issue 11 | p. 22 | Concentrates
Issue Date: March 16, 2009

CF Spurns Agrium Acquisition Offer

Department: Business

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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