Agrium, UAP Holding merger on track to close within next several days

By Lisa Kerner

Charlotte, N.C., May 5 - Agrium Inc.'s wholly owned subsidiary, Agrium U.S. Inc., completed its $39-per-share tender offer for UAP Holding Corp. as planned on Friday.

Agrium accepted for payment all the 52.17 million shares, or 98.5% of UAP Holding's outstanding shares, tendered and not withdrawn in the offer.

As a result, Agrium's acquisition of UAP Holding is expected to close within several days, according to an Agrium news release.

In December it was reported that Agrium agreed to acquire UAP Holding for $2.65 billion, including debt.

Following the merger, UAP Holding's shares will cease trading on the Nasdaq Global Select Market, Agrium said.

While the acquisition had been slowed by regulatory approvals, the Federal Trade Commission and Agrium reached an agreement on the terms of a consent decree that would allow the transaction to close prior to finalizing Agrium's divestiture of seven retail centers, or some 370 stores, a prior Agrium news release said.

Agrium had extended its tender offer for all the common stock of UAP Holding several times.

UAP Holding, located in Greeley, Colo., is the holding company of UAP Inc., an independent distributor of agricultural and non-crop products in the United States and Canada.

Agrium is a retail supplier of agricultural products and services in North America and South America and a producer of agricultural nutrients and industrial products. The company is based in Calgary, Alta.

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