Terra shuns CF Industries' latest bid

Terra Industries Inc. said its board rejected the latest takeover offer from rival U.S. fertilizer producer CF Industries Holdings Inc.

"Our board has unanimously concluded that this most recent version of your proposal continues to run counter to Terra's strategic objectives," Sioux City, Iowa-based Terra said today in a letter to Deerfield-based CF.

CF sweetened its bid yesterday for Terra by about 11 percent, indicating it would pay about $30.50 a share, or about $3.05 billion. At the same time, CF rebuffed a separate takeover offer from Calgary-based Agrium Inc.

Terra rose 17 cents to $27.58 at 4:15 p.m. in New York Stock Exchange composite trading. CF gained $1.11, or 1.6 percent, to $72.30. Agrium increased 63 cents, or 1.3 percent, to C$47.90 on the Toronto Stock Exchange.