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CF Acquires 7% Stake in Terra

10:28 AM MDT | September 28, 2009 | Nancy Seewald

CF Industries Holdings says it has acquired a 7% stake in Terra Industries on the open market for about $247 million. CF has also sent a merger agreement to Terra that details terms of its proposed offer to acquire all of Terra, something it has been trying to do since January. Under the agreement, the exchange ratio of 0.465 per share of CF for each share of Terra would be adjusted upon declaration by Terra of its $7.50/share dividend, which was announced last week. The agreement also says that CF would issue contingent future shares to CF stockholders...

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