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.
Top Posts & Pages
- DAVID DALLAS — Cannabis for the rest of us
- MARTY WISEMAN: The current racial strife and the failure to educate
- BILL CRAWFORD: Boyce takes hot spot as IHL commissioner
- Source: Bryant has offered Glenn McCullough MDA job
- Planters Bank promotes at 3 locations
- Real Estate Forum panelists: Lenders, investors hungry for deals on residential rentals in Miss., elsewhere
- COMMERCIAL FINANCE 701: Loans disguised as government bonds (BOANs)
- (WITH VIDEO) Funding secured for Capitol Art Lofts in downtown Jackson
- WRESTLING SUCCESS — Ted DiBiase Jr. leaves ring to become entrepreneur