05 November 2009 14:07 [Source: ICIS news]
TORONTO (ICIS news)--Canada’s Agrium has raised its bid for rival CF Industries to what will be its “best and final offer” in the long-running battle to take over the US-based fertilizer firm, it said on Thursday.
Agrium raised its offer to $45/share in cash, up from $40 previously, plus one Agrium share, it said.
The offer was now worth $92.99 (€62.30) per CF share, based on Agrium’s closing stock price on Wednesday, and provided a premium of over 67% to CF's closing price on 24 February, the day before Agrium announced its initial proposal to acquire CF, it said.
"This is Agrium's best and final offer,” said chief executive Mike ?xml:namespace>
“We have addressed all Canadian and
“Given that CF has consistently refused to engage with us, this is CF stockholders' final opportunity to make it clear to the CF board that they want to receive a premium rather than pay one," Wilson added.
CF stockholders must tender their shares by 18 November, Agrium said.
CF said that Agrium's offer represented substantially lower multiples of earnings before interest, tax, depreciation and amortisation (EBITDA) than CF's offer for Terra Industries.
($1 = €0.67)
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