US CF directors elected by 2% margin in Terra board vote

01 December 2009 16:23  [Source: ICIS news]

HOUSTON (ICIS news)--US nitrogen fertilizer maker Terra Industries said on Tuesday that CF Industries’ three nominees elected last month to the Terra board received 38% of the 84,332,541 eligible votes of shareholders, compared with 36% of the vote for Terra’s incumbent directors.

Shareholders of Iowa-based Terra elected Illinois-based CF’s three nominees: John Lilly, president of John Lilly Strategic Insights; David Wilson, president of the Graduate Management Admission Council; and Irving Yoskowitz, senior counsel at law firm Dickstein Shapiro.

Meanwhile, CF on Tuesday also extended its right to $2.5bn (€1.68bn) of financing commitments for the acquisition of rival Terra until 31 December.

CF said it does not have any right to extend the financing commitments beyond 31 December unless a merger agreement is signed by that date.

CF has attempted to acquire Terra since January, and its most recent offer was $24.50 in cash and 0.1034 of a share of CF for each share of Terra.

($1 = €0.67)

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By: Frank Zaworski
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