Terra Offers Dividend, Rejects CF's Latest Takeover Bid

摘要

Terra Industries will offer a one-time payment of $7.50/share, totaling about $750 million, to shareholders through a special cash dividend as it continues to fend off CF Industries' hostile bid for the company. Terra's move was announced just days before CP said that over the last few weeks it had acquired a 7% stake in Terra on the open market for about $247 million. CF also announced that it would adjust the exchange ratio of its tender offer to reflect Terra's dividend. Terra rejected CF's offer late last week.