Terra to review CF Industries' latest proposal
Nov. 02, 2009
SIOUX CITY, Iowa -- Terra Industries Inc. confirmed receipt of a revised proposal from CF Industries Holdings Inc. to acquire Terra for $32.00 in cash (reduced by the $7.50 per share special dividend declared by Terra) and 0.1034 of a share of CF Industries common stock for each Terra share.
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.
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