Volume 87 Issue 40 | p. 22 | Concentrates
Issue Date: October 5, 2009

Fertilizer Firms Wrestle Over Merger

Department: Business
Keywords: Terra Industries, merger

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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