CF Industries rejects sweetened Agrium offer
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NEW YORK (AP) — CF Industries Holdings Inc. — with a plant in Donaldsonville — has rejected rival fertilizer maker Agrium Inc.’s sweetened takeover bid, saying the $4.5 billion bid significantly undervalues the company.
CF Industries, which is based in Deerfield, Ill., rejected the latest bid in a statement on Friday, a day after its Canadian rival had raised its unsolicited offer.
Agrium has pursued CF since February, but has faced repeated rejections.
CF started the acquisition trend in January, when it began its pursuit of another rival Terra Industries Inc., based in Sioux City, Iowa, also with a plant in Donaldsonville.
CF’s advances continue to face resistance by Terra.
On Thursday, Agrium raised its bid for CF Industries to $45 in cash plus one Agrium share for each CF share. That’s a $5 increase in the cash portion of the proposal. The total value of the deal is $92.99 per CF share, or $4.52 billion, based on CF outstanding shares as of Sept. 30.
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