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CF holders advised by RiskMetrics to tender shares in Agrium's offer
By Lisa Kerner
Charlotte, N.C., Nov. 16 - RiskMetrics Group/ISS recommended that CF Industries Holdings, Inc. shareholders tender their shares in Agrium, Inc.'s "best and final offer" of $45.00 plus one share of Agrium per share of CF Industries common stock, according to an Agrium news release.
The offer, which ends at midnight ET on Wednesday, values each CF Industries share at $98.78 for a total consideration of approximately $4.9 billion.
"Despite CF's assurance to RiskMetrics that it would engage with Agrium in light of the strong support of CF stockholders for an Agrium/CF transaction, the CF board has continuously stonewalled Agrium's efforts and ignored its own stockholders for nearly nine months," Agrium president and chief executive officer Mike Wilson said in the release.
"If CF refuses to act, Agrium will consider all options, including nominating a slate of directors to the CF board and pursuing litigation."
CF Industries nominated three people for election to the board of directors of Terra Industries Inc. in its bid to acquire the Sioux City, Iowa, nitrogen products company. Terra's annual meeting is on Friday.
Terra has continued to reject CF Industries' offers to buy the company.
As previously reported, Terra recently rejected CF Industries' purchase offer of $32.00 per share in cash and 0.1034 of a share of CF Industries common stock for each share of Terra common stock held.
In March 2009, Agrium, a Calgary, Alta., fertilizer company, began its unsolicited exchange offer for CF Industries after CF Industries rejected its offer in favor of pursuing a deal with Terra.
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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