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Business
Fertilizer Firms Wrestle Over Merger
by Melody Voith
October 5, 2009
| A version of this story appeared in
Volume 87, Issue 40
Terra Industries has rejected CF Industries’ increased offer to acquire it for 0.465 shares of CF for each share of Terra. The bid represented a premium of 35% over Terra’s share price on Sept. 28. CF’s efforts to buy Terra began in January with an all-stock overture worth $2.1 billion. Since then, CF says it has acquired 7% of Terra on the open market at a cost of $247 million. Meanwhile, Terra says it will return $750 million in cash sitting on its balance sheet to shareholders through a special $7.50-per-share dividend payment in the fourth quarter of 2009.
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