CF makes another run at Terra
Published: March 8,2010
NEW YORK — CF Industries Holdings Inc. said late last week that it has begun its unsolicited $4.8-billion offer for fertilizer company Terra Industries Inc., which has already accepted a buyout offer from a Norwegian company.
Chemical maker CF, based in Deerfield, Ill., March 2 offered $37.15 in cash and nearly one-tenth of a share of common stock for each Terra share.
The exchange offer for all of Terra’s outstanding shares will expire at 4 p.m. Central time April 2.
CF’s offer has a total value of about $47.46 per share based on March 4′s closing stock price, or about $4.8 billion. That’s up from a total value of about $4.7 billion when the offer was first announced March 2. CF’s last offer, made in December, was valued at $4.6 billion.
CF made its latest bid for Terra after Terra, which operates a facility in Yazoo City, agreed to be acquired by Norway’s Yara for $4.1 billion, or about $41.10 per share.
Terra shares rose 69 cents to $45.49 in morning trading March 5.
Terra, based in Sioux City, Iowa, had repeatedly rejected CF’s previous offers. CF had vowed to end its hostile bids, but went back on the offensive after Terra agreed to Yara’s deal.
“Our offer is far superior to Yara’s in value, timing and certainty of closing,” CF president and CEO Stephen R. Wilson reiterated in a statement March 5.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Moon River Foods creating 100 jobs in Mississippi Delta
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Two BancorpSouth mergers delayed by federal inquiries
- Health officials identify another case of chikungunya virus
- Biloxi council approves $29M contract for baseball stadium construction
- Three indicted, alleged to have embezzled from agency
- Communities awarded national Main Street accreditation