25 August 2009 23:11 [Source: ICIS news]
“Our board has unanimously concluded that this most recent version of your proposal continues to run counter to Terra’s strategic objectives, substantially undervalues Terra both absolutely and relative to CF, and would deliver less value to our shareholders than would owning Terra on a stand-alone basis,” Terra CEO Michael Bennett said.
Illinois-based CF made its first overture for Iowa-based Terra in January.
The most recent deal offered a fixed exchange ratio of .465 chares of CF for each Terra common share. That represented a premium of 35% over the exchange ratio on 15 January, just prior to when the initial offer was made.
“CF Industries has made a full and fair offer,” the company said in a statement. “CF Industries is confident that Terra stockholders will show their support by voting for CF Industries’ nominees at Terra’s annual meeting, which should have been held by now.”
($1 = €0.70)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|