Business

CF Industries sweetens takeover bid for Terra

Posted December 06, 2009 10:00 pm

Associated Press

Deerfield-based CF Industries Holdings Inc. has sweetened its hostile takeover offer for rival fertilizer maker Terra Industries Inc. by 12 percent to $4.6 billion, boosting the cash portion of its bid.

Terra has been fighting off CF's buyout attempts since the start of the year and says it expects to consider the revised proposal at a board meeting later in the week.

Deerfield-based CF says it is offering to pay $36.75 in cash -- including the $7.50 per share special dividend declared by Terra -- plus 0.1034 of a CF common share for each Terra share. Its previous bid included $32 a share in cash.

The combined value of the new bid and the dividend is $45.91 a share.

Sioux City, Iowa-based Terra's shares rose 7.8 percent to $42.10 in premarket trading.

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