US CF extends hostile bid for Terra

07 July 2009 15:50  [Source: ICIS news]

HOUSTON (ICIS news)--US fertilizer maker CF Industries has answered government compliance regulations and extended its hostile takeover bid for Terra Industries to 10 August, CF said on Tuesday.

CF said it had substantially complied with the FTC’s request for additional information regarding the takeover, which CF received on 3 June.

“We are pleased with the steady progress we have made in obtaining regulatory clearance of our proposed business combination with Terra,” CF CEO Stephen Wilson said.

Illinois-based CF made its first overture for Iowa-based Terra in March and the current offer stands at $30.50/share or an exchange ratio of not more than 0.4539 of a CF share for each share of Terra.

As of 3 July, a total of 2.86m shares of Terra common stock had been tendered into the exchange offer, CF said. On Tuesday, Terra had 99.7m outstanding shares.

CF is also a target of a hostile takeover bid by Agrium. 

Agrium said last week that more than 62% of CF shareholders had tendered their shares to Agrium’s offer of $40 in cash plus one share of Agrium for each share of CF.

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By: Frank Zaworski
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