Terra entertains another offer
by Associated Press
Published: March 2,2010
Tags: fertilizer, hostile takeover, manufacturing, mergers and acquisitions
YAZOO CITY — CF Industries is making another offer for fertilizer-maker Terra Industries just six weeks after vowing to end its hostile pursuit.
CF said today it is offering $37.15 in cash and nearly one-tenth of a share of common stock for each Terra share.
Chemical maker CF, based in Deerfield, Ill., says the offer has a total value of $47.40 per share based on CF Industries closing price today.
Terra shareholders have repeatedly rejected CF offers. Terra, based in Sioux City, Iowa, and owner of a plant in Yazoo City, said last month it will be bought instead by Norway’s Yara for $4.1 billion.
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