Agrium Extends CF Offer Deadline into Mid August
Fertilizer manufacturer and input retailer Agrium Inc. continues its pursuit of CF Industries by extending the offer deadline to Aug. 19.
July 20, 2009
Agrium President and CEO Mike Wilson says, “Agrium remains fully committed to acquiring CF, and as we have previously stated, we strongly believe that combining Agrium and CF will create a terrific company and significant value for stockholders. Despite the fact that CF continues to ignore a clear mandate to conclude a transaction, we will continue to press CF to execute a mutually beneficial merger agreement. Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra.”
Agrium continues to believe that there are no material impediments to closing an Agrium/CF transaction, nor are there expected to be any material delays in closing as a result of regulatory review.
Agrium’s offer is not subject to a financing condition. Agrium has sufficient cash resources and committed financing underwritten by Royal Bank of Canada and The Bank of Nova Scotia to fund the cash portion of the offer
As of 5 p.m. Eastern time on July 17, 2009, approximately 10.4 million shares of common stock of CF Industries had been tendered into and not withdrawn from the exchange offer.