US CF investors tender shares to Agrium offer

19 November 2009 14:54  [Source: ICIS news]

Agrium targets CF facilitiesHOUSTON (ICIS news)--Canadian fertilizer retailer Agrium said on Thursday that investors in Illinois-based fertilizer maker CF Industries have tendered 62% of their total outstanding shares to Agrium’s takeover offer.

To date, CF stockholders have tendered approximately 30m shares (62%) into Agrium’s offer of $45.00 (€30.15) in cash and one share of Agrium per CF share as of the offer’s expiration at midnight on Wednesday November, Agrium said.

The offer is currently valued at $101.90/CF share, or $5.1bn based on the 18 November closing Agrium share price, Agrium said.

Agrium has further extended the tender offer to 18 December.

"CF stockholders have sent a clear and unambiguous message to CF's board that they want this deal with Agrium,” said Alberta-based Agrium’s chief executive Mike Wilson.

CF had a different response.

“CF Industries does not believe that the tender results reflect stockholder support for the terms of Agrium's offer,” CF said.

“CF Industries has heard from its stockholders that there is very little support for the terms of Agrium's offer, and the tender result does not change the fact that Agrium's offer is far from compelling,” the company said.

While trying to fend off Agrium, CF remains embroiled in a takeover attempt of nitrogen fertilizer company Terra.

At its annual meeting on Friday November, Terra will reveal the results of a proxy vote for three board seats whose candidates include three persons nominated by CF.

($1 = €0.67)

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By: Frank Zaworski
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