CF Rejects Agrium’s Bid; Sweetens Terra Offer

CF Industries Holdings says its board of directors has rejected Agrium’s acquisition proposal, and reaffirmed its intention to acquire Terra Industries. CF has sweetened its bid for Terra, after Terra’s board of directors unanimously recommended that stockholders reject CF’s previous offer. CF says it would agree to an exchange ratio based on $27.50 for each Terra share, with an exchange ratio of not less than 0.4129 of a CF share and not more than 0.4539 of a CF share. The offer represents an almost 70% premium to Terra’s stock price...

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