CF Industries Ups Ante, but Terra Still Balks at Bid

CF Industries, in an attempt to persuade Terra Industries to agree to merger negotiations with CF, says that it would be willing to give Terra the opportunity to seek out higher offers under what CF termed a “go shop” provision. The “go shop” offer comes just days after Terra shareholders elected CF’s three nominees to Terra’s board (p. 52). Terra, however, remained adamant in its opposition to the proposed merger, and says that only 38% of the outstanding shares unaffiliated with CF voted in favor of CF’s nominees. Terra...

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