14 March 2008 14:00 [Source: ICIS news]
TORONTO (ICIS news)--Agrium has again extended its tender offer to buy the common stock of ?xml:namespace>
The tender offer was previously set to expire on Friday at midnight,
Agrium said it extended the offer because all of the conditions to the completion of the offer have not yet been satisfied.
“In particular, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) has not yet expired or been terminated,” it said.
Despite this latest extension Agrium remained “highly confident” to close the acquisition by early summer, it said.
The US Federal Trade Commission’s (FTC) concerns seemed to be limited to about 12 out of 370 UAP retail outlets, it added.
“Agrium plans to work with [the FTC] in an attempt to further reduce or eliminate the stores of concern,” it added.
The waiting period imposed by the HSR Act allows US regulators to examine a proposed merger or acquisition and request additional information. Companies are not allowed to close their transaction during that period.
($1 = €0.64)
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