Source: CF Industries Holdings news release



CF Industries Holdings Inc. announced that its board of directors has recommended that CF Industries stockholders reject Agrium Inc.'s revised offer to acquire all outstanding shares of CF Industries.



Following a review of Agrium's offer with management and its legal and financial advisors, the CF Industries board of directors concluded that Agrium's offer is grossly inadequate, substantially undervalues CF Industries and is not in the best interests of CF Industries and its stockholders.



"Our board and management team are committed to providing superior value to our stockholders," said Stephen R. Wilson, chairman, president and chief executive officer of CF Industries. "We strongly believe that continuing to pursue our long-term strategy, including our proposed business combination with Terra Industries, is the best way to do so. We are confident that both our stockholders and Terra's stockholders support our proposed business combination. We believe the Terra stockholders will show their support by voting for our proposed slate of directors at Terra's Annual Meeting, which is required to be held by May 15th under the Terra by-laws."



Morgan Stanley and Rothschild are acting as financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to CF Industries.