Agrium's tender offer for CF Industries now set to end Sept. 22

By Lisa Kerner

Charlotte, N.C., Aug. 17 - Agrium Inc. extended its tender offer for CF Industries Holdings, Inc. to midnight ET on Sept. 22 from Aug. 19. The offer had been previously extended to Aug. 19 from July 22.

CF Industries stockholders had tendered approximately 10.5 million shares into the offer as of 5 p.m. ET on Aug. 14, according to an Agrium news release.

In exchange for each CF Industries share, shareholders will receive $40 in cash plus one Agrium share.

Agrium president and chief executive officer Mike Wilson said Agrium is "fully committed" to acquiring CF Industries.

"Despite the fact that CF continues to ignore a clear mandate to conclude a transaction, we will continue to press CF to execute a mutually beneficial merger agreement," Wilson said in a news release.

"Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra [Industries Inc.]"

Agrium said it has sufficient cash resources and committed financing to fund the cash portion of the offer.

On March 16, Agrium, a Calgary, Alta., fertilizer company, began the unsolicited exchange offer after CF Industries rejected Agrium's offer to acquire the company in favor of pursuing a deal with Terra. Terra, a Sioux City, Iowa, nitrogen products company, rejected CF Industries' unsolicited offer.

CF Industries' exchange offer for all of the outstanding shares of Terra will end Friday.

Deerfield, Ill.-based CF Industries Holdings is the holding company for CF Industries, Inc., a producer and distributor of nitrogen and phosphate fertilizer products.

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