Source: CF Industries

CF Industries Holdings, Inc. acquired approximately 7 percent of Terra Industries Inc. in the open market over the past two weeks. CF Industries has purchased 6,985,048 shares at a cost of $247 million. CF Industries also announced that it has sent a Merger Agreement to Terra Industries detailing the terms of its proposed business combination. The proposed 0.465 exchange ratio represents a premium of more than 35 percent.

Original press release