Agrium heats up hostile bid

Calgary-based fertilizer giant Agrium Inc. (TSX:AGU) is asking shareholders of U.S.-based fertilizer producer and distributor CF Industries to demand the company negotiate a mutually beneficial merger agreement with the Canadian business.

CALGARY — Calgary-based fertilizer giant Agrium Inc. (TSX:AGU) is asking shareholders of U.S.-based fertilizer producer and distributor CF Industries to demand the company negotiate a mutually beneficial merger agreement with the Canadian business.

The request is contained in a statement issued Monday by Agrium president and CEO Mike Wilson, after the Deerfield, Ill.-company rejected Agrium’s latest revised offer to acquire all of CF Industries’ outstanding shares.

Agrium has been trying to acquire CF Industries since February in a hostile bid.

Its most recent offer, announced last Monday, valued the U.S. producer at more than $4.1 billion and raised the cash portion of Agrium’s bid to US$40 per share, plus one Agrium share for every one of CF (NYSE:CF).

But the American producer said last Friday that Agrium’s offer to acquire all outstanding shares is not lucrative enough for stockholders.

The company said Agrium’s revision to its offer added $5.00 in cash per share, which is only $0.58 above the $4.42 per share increase in CF Industries’ cash position during the first quarter.

“The inescapable fact is that Agrium’s offer, which provides a premium of nearly 60 per cent to CF’s share price on the day prior to our initial offer, delivers more value to CF stockholders than any of the strategic alternatives articulated by CF, including remaining independent or acquiring Terra Industries,” Wilson’s statement said.

Just Posted

Cannabis legalization won’t impact one Red Deer pot dispensary

Nothing changes for Compass Cannabis Clinic in Red Deer despite legalization

Cannabis retail store will open later in October in Red Deer

Two cannabis stores coming to downtown Red Deer

Neighbours drop opposition to Red Deer County communications tower

Communication tower to be located in Balmoral Heights

Legal cannabis comes with many unknowns: Red Deer County councillors

Councillors question how rural municipalities will be able to enforce cannabis regulations

Kitten season puts pressure on Red Deer shelter

More public education needed to control cat population

WATCH: Two weeks away from Canadian Finals Rodeo in Red Deer

In just two weeks, Ponoka’s Shayna Weir will compete with the best… Continue reading

‘Start low, go slow’: Experts walk bud beginners through cannabis 101

With the countdown to cannabis legalization Wednesday ticking towards 4-20, some novice… Continue reading

NHL stays with status quo as Canada pot legalization looms

As Riley Cote took and delivered countless punches over more than a… Continue reading

Paul Stanley: Kiss farewell tour could include ex-members

ATLANTIC CITY, N.J. — It won’t be all night, but former members… Continue reading

Judge tosses Stormy Daniels’ defamation suit against Trump

WASHINGTON — A federal judge dismissed Stormy Daniels’ defamation lawsuit against President… Continue reading

Canada open to growing trade with China now that USMCA is a done deal: PM

TORONTO — Canada is open to doing more business with China now… Continue reading

Pot shop raids “highly unlikely” on Wednesday: head of police chiefs

VANCOUVER — Police departments across Canada are fully prepared for marijuana legalization… Continue reading

Campers will be able to smoke cannabis at campsites in Canada’s national parks

Parks Canada says visitors should do their research on cannabis before going… Continue reading

U.S. pot firms urge Trump to deny Canadian producers’ ‘competitive advantage’

WASHINGTON — An American cannabis producer is warning President Donald Trump that… Continue reading

Most Read