Agrium Inc. (NYSE:AGU) sweetened its cash offer for CF Industries Holdings, Inc. (NYSE:CF) by more than 10% last week. CF Industries has rejected the latest offer, repeating what has become CF’s mantra: “Agrium’s offer is grossly inadequate, substantially undervalues CF Industries and is not in the best interests of CF Industries and its stockholders.”
CF shares are down more than 3% and Agrium shares are off more than 6% in early trading this morning. This story keeps getting older and older on the surface. The real question is if all of the merger denials here make the ag-sector and fertilizer sector worth more.
Paul Ausick
March 30, 2009
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