Agrium reaches agreement with FTC; merger with UAP Holding could close by early May

By Lisa Kerner

Charlotte, N.C., April 18 - Agrium Inc. said it reached an agreement with the Federal Trade Commission on the terms of a consent decree that Agrium believes will enable its acquisition of UAP Holding Corp. to close by early May.

The consent decree, subject to approval by FTC commissioners, will allow the transaction to close prior to finalizing Agrium's divestiture of seven retail centers, or some 370 stores, according to an Agrium news release.

Agrium extended its tender offer for all the common stock of UAP Holding until midnight ET on May 2 from April 30.

Some 26.25 million shares of UAP Holding common stock were tendered and not withdrawn in the offer as of 5 p.m. ET on April 17, the news release said.

Previously, Agrium extended its tender offer to midnight ET on April 30 from March 14.

Agrium agreed to acquire UAP Holding for $2.65 billion, including debt.

UAP Holding, located in Greeley, Colo., is the holding company of UAP Inc., an independent distributor of agricultural and non-crop products in the United States and Canada.

Agrium is a retail supplier of agricultural products and services in North America and South America and a producer of agricultural nutrients and industrial products. The company is based in Calgary, Alta.

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