Friday, Nov. 6, 2009

CF Industries rejects Agrium's newest takeover bid

NEW YORK (AP) - CF Industries Holdings Inc. has rejected rival fertilizer maker Agrium Inc.'s sweetened takeover bid, saying the $4.5 billion bid significantly undervalues the company.

CF Industries, which is based in Sioux City, Iowa, rejected the latest bid in a statement on Friday, a day after its Canadian rival had raised its unsolicited offer.

Agrium had raised its bid to $45 in cash plus one Agrium share per CF share. That's a $5 increase in the cash portion of the proposal. The total value of the deal is about $92.99 per CF share.

Agrium has pursued CF since February, but has faced repeated rejections.

2009-11-06     13:23:27 GMT

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