Agrium still chasing CF, CF still chasing Terra

摘要

Agrium continues its dogged pursuit of a takeover of CF Industries, attempting to appeal to shareholders over the head of the board, which was nevertheless returned at a recent AGM by 75-80% of voting shareholders. Agrium tried to force matters in June by telling CF Industries shareholders that its offer was a last, best and final one, and unless it was accepted by June 22nd, they would withdraw the proposal. However, when that deadline came and went, Agrium extended this first to July 22nd, and then to August 19th. By the end of June Agrium had secured commitments for 62% of CF Industries shares at its bid price of $40 plus one Agrium share per CF share, but CF Industries chairman Steven Wilson said that the offer still "substantially undervalued" his company.