Yara To Acquire Terra In $4.1B Friendly Takeover |
Wall Street Journal - Feb 15, 2010 |
In a surprise move early Monday, Terra Industries Inc. (TRA) announced that it has agreed to be acquired by Norwegian fertilizer company Yara International ASA (YAR.OS) for $41.10 in cash per share, for a total purchase price of $4.1 billion.
On Friday, Sioux City, Iowa-based Terra's shares closed at $33.25, down 2.3% from Thursday's close.
The announcement comes almost exactly a month after CF Industries Inc. (CF) withdrew its contentious offer for Terra. CF had been offering $36.75 and 0.1034 share per Terra share, amounting to about $46.39 a share at CF's closing price before it dropped the bid. CF, which had been in pursuit of Terra since the beginning of 2009, had its three-person slate of directors elected to Terra's board in November, with 45% of shares backing CF.
CF itself has been the subject of a takeover offer by rival Agrium Inc. (AGU) for almost as long, though CF has repeatedly rebuffed Agrium in favor of its now-defunct offer for Terra.
Read Full Article from Wall Street Journal
- Posted: 2010-02-15 14:21:51
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