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After withdrawing its bid to buy Terra Industries in January, CF Industries has rejoined the fertilizer deal-making fray. CF has made a new offer in an attempt to top Yara’s planned $4.1 billion all-cash buyout of Terra (C&EN, Feb. 22, page 10). The updated offer of $37.15 in cash plus 0.0953 of a CF share for each Terra share would value Terra at $4.7 billion, given CF’s stock price on March 8. In a letter to Terra’s board, CF CEO Stephen R. Wilson wrote, “We do not understand how Terra could have entered into an agreement with Yara without giving CF Industries an opportunity to bid on a level playing field.” Concurrent with the fight over Terra, another fertilizer company, Agrium, is trying to acquire CF.
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