CF Indus Rejects Latest Agrium Takeover Offer
DOW JONES NEWSWIRES
The board of CF Industries Holdings Inc. (CF) on Friday rejected what Agrium
Inc. (AGU) called its "best and final" takeover offer, saying that the offer "
continues to substantially undervalue" CF.
In a brief press release, CF said the offer isn't in the best interests of the
company, and called it "very far from compelling."
As reported, Agrium on Thursday added $5 a share to its offer for CF, which
now consists of $45 plus one Agrium share. Agrium values the offer, as of
Thursday, at about $93 a share, or a total of $4.3 billion.
CF is attempting to acquire another fertilizer rival, Terra Industries Inc. (
TRA), but Terra has rejected CF's overtures.
In the wake of Thursday's increased offer by Agrium, some observers expressed
doubt that the bid would succeed. They said CF shareholders had been looking for
a bid of at least $100 a share.
In New York Thursday, CF closed down 7.5% to $79.90 and Agrium ended up 3.8%
to $49.81.
-By John Moritsugu, Dow Jones Newswires, 416-306-2100 john.moritsugu@
dowjones.com
Order free Annual Report for Agrium Inc.
Visit http://djnewswires.ar.wilink.com/?link=AGU or call 1-888-301-0513
(END) Dow Jones Newswires
11-06-090809ET
Copyright (c) 2009 Dow Jones & Company, Inc.
|