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People & Business :: Companies

Agrium Offer “Grossly Inadequate,” CF’s Board Says

3:02 PM MDT | April 10, 2009 | Vincent Valk

CF Industries’ Board of Directors sent a note to shareholders yesterday explaining the board’s rejection of Agrium’s bid for the company. Agrium’s premium falls far short of recent premiums for both cash and stock transactions, the letter says, calling the offer “grossly inadequate.” “We believe that, even absent Agrium's offer, CF Industries shares would be trading well over $60 per share,” the letter says.  The letter also criticizes Agrium for failing to offer a slate of directors for election, stating that...

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