14 April 2009 23:01 [Source: ICIS news]
In the letter to Terra CEO Mike Bennett, CF CEO Stephen Wilson noted that Terra recently bought 100 shares of CF stock and requested that CF provide a list of its stockholders in order to communicate with them.
“We want to give you the opportunity to explain to Terra stockholders, and to us, why you [seem] to appear to be more interested in communicating with our stockholders than in negotiating a merger agreement with us,” Wilson said.
“We and our advisors are prepared to meet with you and your advisors to negotiate promptly in good faith a merger agreement between our two companies,” Wilson added. “We do not understand your reluctance to explore this opportunity in direct discussions.”
CF Industries initially proposed to acquire all of the outstanding common shares of Terra for 0.4235 shares of CF per common share of Terra. CF later raised its bid to $30.50/share, or an exchange ratio of not more than 0.4539 of a CF share.
CF, meanwhile, is the subject of a hostile takeover attempt by Canadian fertilizer retailer Agrium.
On the New York Stock Exchange, Terra stock closed at $28.85, up 44 cents from the previous day. CF closed at $73.71, up 74 cents.
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