CF Industries extends exchange offer for Terra shares to June 12

By Lisa Kerner

Charlotte, N.C., April 24 - CF Industries Holdings, Inc. extended the expiration date of its exchange offer for all of the outstanding shares of Terra Industries Inc. common stock to 5 p.m. ET on June 12 from May 15.

As of the close of business on April 23, a total of 19,370 shares of Terra common stock had been tendered into the exchange offer, CF Industries said.

On March 16, Agrium Inc., a Calgary, Alta., fertilizer company, began an unsolicited exchange offer for CF Industries shares after CF Industries rejected Agrium's offer to acquire the company. That exchange offer expires at midnight ET on May 19.

Agrium is offering CF Industries shareholders $35.00 in cash plus one Agrium common share for each CF Industries share held.

As previously reported, CF Industries' board recommended that stockholders reject Agrium's offer in favor of pursuing a deal with Terra.

Terra, a Sioux City, Iowa, nitrogen products company, rejected CF Industries' unsolicited offer as well as its prior offer in January.

Agrium and CF Industries both withdrew their Hart-Scott-Rodino filings with the Federal Trade Commission and said they plan to refile them shortly.

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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