DOW JONES NEWSWIRES
CF Industries Holdings Inc. (CF) again extended its $3.07
billion tender offer for fellow fertilizer maker Terra Industries
Inc. (TRA) by two weeks to July 10.
Terra has been cool to any transaction with CF, though there is
strong pressure to consolidate in the industry after prices plunged
from last year's highs. Complicating matters, CF is itself the
target of a $4.4 billion cash-and-stock tender offer from Agrium
Inc. (AGU). CF has rebuffed Agrium repeatedly despite its sweetened
and extended offers.
As of the close of business Thursday, only 201,979 Terra common
shares had been tendered. Terra has almost 100 million shares
outstanding.
Terms of the offer, which had been set to expire at 5 p.m. EDT
next Friday, are otherwise unchanged. CF is offering 0.4235 share
for each Terra share.
In after-hours trading, Terra shares were up 7 cents at $26.07,
while CF shares were unchanged at $74.99.
-By Jay Miller, Dow Jones Newswires; 201-938-2331;
jay.miller@dowjones.com