Terra board rejects latest CF offer; CF responds
Nov. 04, 2009
SIOUX CITY, Iowa, and DEERFIELD, Ill. -- Terra Industries Inc. today announced that its Board of Directors, with the advice of its financial and legal advisors, has carefully reviewed CF Industries Holdings, Inc.'s latest proposal to acquire Terra for the equivalent of $24.50 in cash (which equals the net value of CF's announced offer of $32.00
that will be reduced by Terra's previously declared $7.50 per share special cash dividend) and 0.1034 of a share of CF common stock, and unanimously rejected it as inadequate,
opportunistic and not in the best interests of Terra and its shareholders.
CF Industries Holdings Inc. then today commented on Terra Industries Inc.'s rejection of the proposal, saying:
"CF Industries has made a full, fair and compelling offer, which provides Terra stockholders with certainty of value and closing. CF Industries is confident that Terra stockholders will show their support for its offer by voting for CF Industries' three highly qualified, independent nominees at Terra's annual meeting on November 20, 2009."
SOURCE: Terra, CF news releases.
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