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CF Industries to Make Hostile Bid for Terra

10:11 AM MST | February 4, 2009 | Kara Sissell

CF Industries (Deerfield, IL) says it will launch a hostile bid for Terra Industries, and will nominate three members to replace three of Terra’s current board members. The hostile bid comes after Terra’s board rejected the $2.1 billion bid from CF Industries. Terra’s board said CF’s bid, which would allow the holder of each common share in Terra to receive 0.4235 shares of CF Industries, undervalues the company. CF says it “intends to commence an exchange offer for all of the outstanding shares of Terra Industries common stock at a...

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