CF Industries Gains Upper Hand in Bidding War for Terra

Terra Industries says it has accepted CF Industries’ March 2, $47.40/share takeover offer, which values Terra at about $4.7 billion. Terra has informed Yara International (Oslo), which had agreed to buy Terra for $41.10/share, that it has accepted CF’s bid. Terra’s board had approved Yara’s offer. Terra will be required to pay Yara a $123-million breakup fee if Yara’s proposed acquisition of Terra collapses (CW, Feb. 22/March 1, p. 6). Yara had five business days to make a revised offer, after receiving Terra’s notice on March...

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