CF Industries Holdings, Inc. announced Nov. 6 that its board of directors has rejected Agrium Inc.’s latest revised proposal to acquire all outstanding shares of CF Industries. Following a review of Agrium’s latest revised proposal with management and its legal and financial advisors, the CF Industries board of directors concluded that the offer continues to substantially undervalue the company and is not in the best interests of CF Industries and its stockholders.
“Agrium’s latest revised offer is very far from compelling,” said Stephen R. Wilson, chairman, president, and chief executive officer of CF Industries. “Our board and management team are committed to delivering superior value to our stockholders. We have a long history of generating value for our stockholders and we will continue to execute our long-term strategy, including the company’s offer to acquire Terra Industries.”