SIOUX CITY, Iowa -- Terra Industries Inc. today confirmed receipt of a revised proposal from CF Industries Holdings Inc. to acquire Terra for 0.465 CF Industries shares per Terra share.

The revised proposal notes among other things that the proposed exchange ratio would be adjusted upon declaration by Terra Industries of its previously announced $7.50 per share special dividend, plans for which were announced by Terra Industries last week.

Terra's Board of Directors, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will review and consider the revised proposal in due course. Terra shareholders need take no action at this time.

Credit Suisse Securities (USA) LLC is serving as Terra's financial advisor, and Cravath, Swaine & Moore LLP and Wachtell, Lipton Rosen & Katz are serving as legal counsel to Terra. MacKenzie Partners is serving as proxy solicitor for Terra.

Terra Industries Inc., with 2008 revenues of $2.9 billion, is a leading North American producer and marketer of nitrogen products.

SOURCE: Terra Industries Inc. via Business Wire.