CF INDUSTRIES' board declined Agrium's November 5 increased exchange offer to acquire all of the outstanding shares of CF for $92.99 per CF share, based on Agrium's closing stock price on November 4. Under the terms of this "best and final offer," CF stockholders would receive $45 in cash, an increase of $5, or 12.5%, in the cash consideration, and one common share of Agrium for each CF share.
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