CF Industries complies with second request, extends offer for Terra

By Lisa Kerner

Charlotte, N.C., July 6 - CF Industries Holdings, Inc. said it has substantially complied with the Federal Trade Commission's request for additional information it received on June 3 and has filed a certification with the FTC.

As a result, the Hart-Scott-Rodino waiting period in CF Industries proposed merger with Terra Industries Inc. is expected to expire at 11:59 p.m. ET on Aug. 5, according to a CF Industries news release.

CF Industries also extended its exchange offer for Terra shares to 5 p.m. ET on Aug. 7, from July 10.

As of July 3, a total of 2,860,681 shares of Terra common stock had been tendered into the offer, CF Industries said.

Terra, a Sioux City, Iowa, nitrogen products company, continues to reject CF Industries' unsolicited offer.

As previously reported in March, Agrium, Inc., a Calgary, Alta., fertilizer company, began an unsolicited exchange offer for CF Industries after the company rejected Agrium's offer in favor of pursuing its deal with Terra.

Agrium's offer ends at midnight ET on July 22.

CF Industries stockholders had tendered approximately 30.14 million shares, or 62% of the total outstanding CF Industries shares, into the offer as of midnight ET on June 22, the original deadline, Agrium said previously.

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

According to CF Industries, Agrium has not refiled its notice under the Hart-Scott-Rodino waiting period since it withdrew the notice on May 27.

Last week, Agrium accused CF Industries of ignoring its shareholders by failing to meet with Agrium to negotiate a mutually beneficial combination.

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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