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Shareholders of fertilizer maker Terra Industries have elected three new directors nominated by rival firm CF Industries, which owns approximately 7% of Terra’s outstanding shares. CF has been trying to buy Terra since January of this year for approximately $4.1 billion. With several CF offers of cash and stock already rejected by Terra, CF hopes that the new board members will push the company to negotiate a merger. In response, Terra says it is still not interested in a combination with CF and will expand its board to 11 members and retain the three directors, including Chairman Henry R. Slack, who were not reelected. Meanwhile, CF has itself been fending off a takeover effort from Agrium since February. After a revised tender offer, Agrium reported it now owns 62% of outstanding CF shares and has not been dissuaded by CF’s plans to buy Terra. Agrium’s current offer values CF at approximately $5.1 billion. Despite the persistence of CF and Agrium, Charles Neivert, agricultural chemical analyst for Dahlman Rose & Co., writes in a note to investors that “the reaction of the market seems to indicate that no deal will be consummated.”
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