Agrium ups hostile bid

CALGARY — Fertilizer giant Agrium Inc. (TSX:AGU) has again increased its hostile bid to buy rival producer CF Industries Holdings Inc., valuing the U.S. company at more than $4.1 billion.

CALGARY — Fertilizer giant Agrium Inc. (TSX:AGU) has again increased its hostile bid to buy rival producer CF Industries Holdings Inc., valuing the U.S. company at more than $4.1 billion.

The new offer, announced early Monday, raises the cash portion of Agrium’s bid 14.3 per cent to US$40 per share plus one Agrium share for every one of CF (NYSE:CF).

That brings Agrium’s total offer for CF Industries to about C$85.20 per share or $4.12 billion based on Agrium’s closing stock price on Friday.

In addition, Agrium has extended its offer to June 15 from May 19.

CF Industries has repeatedly rejected Agrium’s offers and is pursuing its own hostile takeover offer for Terra Industries, a U.S. rival (NYSE:TRA)

Agrium, meanwhile, has gone directly to CF shareholders with its offer in an attempt to get around the U.S. company’s board of directors.

CF, primarily a fertilizer maker, opposes a hookup with Agrium and has raised concerns about a merger with a company with more than half its revenue coming from retail fertilizer.

In Agrium’s release, president and CEO Mike Wilson said “this substantial increase in cash, along with Agrium’s strong and diversified business profile, provides CF stockholders with a very attractive opportunity and reaffirms our commitment to acquiring CF.”

Wilson said he hopes CF shareholders who support the bid will put pressure on the company to negotiate.

Just Posted

Red Deer Express to publish final edition Wednesday

Black Press strengthens commitment to Red Deer Advocate

Red Deer County ponders garden suite proposal

Property owner’s garden suite plans exceed county regulations

Make Parsons house preservation an election issue, Red Deer city councillor suggests

Coun. Michael Dawe says candidates can be questioned about where they stand

PHOTO: Everybody Loves a Sale

Dozens of people wanted a chance to scoop up some discounted Canada Winter Games merchandise

Red Deer County posts big surplus

2018 operating budget came in with $5.8 million surplus

Slow cooker or Instant Pot?

Now that the viral craze surrounding the Instant Pot has quieted down… Continue reading

Millennial Money: There’s more than one way to slay a debt

The saying that debt is easy to get into and hard to… Continue reading

Bianca Andreescu’s win streak ends after early exit because of injury

MIAMI — The injury bug has derailed Bianca Andreescu’s impressive run. The… Continue reading

CONCACAF teams to learn Nations League draw on Wednesday in Las Vegas

Canada will learn its next CONCACAF Nations League opponents at Wednesday’s draw… Continue reading

Alanis Morissette announces pregnancy in Instagram photo

Alanis Morissette is pregnant with her third child. The Grammy-winning singer posted… Continue reading

“MLB The Show 19” allows video gamers a chance to relive baseball history

TORONTO — From Babe Ruth’s debut as a pitcher to Jose Bautista’s… Continue reading

Canada Revenue Agency tax services back online after ‘hardware’ problems

OTTAWA — The websites Canadians use to file their taxes online were… Continue reading

Roof structures failed before Radiohead stage came down, inquest hears

TORONTO — Metal structures meant to hold a roof over a stage… Continue reading

Most Read