Agrium extends offer to buy UAP to 30 April

14 March 2008 14:00  [Source: ICIS news]

TORONTO (ICIS news)--Agrium has again extended its tender offer to buy the common stock of US agricultural retailer United Agri Products (UAP) in a $2.65bn (€1.70bn) takeover to 30 April, following two previous extensions, the Canadian fertilizer producer said on Friday.


The tender offer was previously set to expire on Friday at midnight, New York City time.


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)

By: Stefan Baumgarten
+1 713 525 2653

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