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CF Industries to file notification with FTC in proposed deal with Terra Industries
By Lisa Kerner
Charlotte, N.C., March 19 - CF Industries Holdings, Inc. voluntarily withdrew its Feb. 18 notification with the Federal Trade Commission and U.S. Department of Justice in connection with its proposed acquisition of Terra Industries Inc.
According to CF Industries, the withdrawal will allow the FTC additional time to review the company's information without the need for a "second request."
CF Industries said it will refile the notification on March 23.
CF Industries rejected an offer from Agrium Inc., a Calgary, Alta., fertilizer company, in favor of entering into a negotiated merger agreement with Terra.
CF Industries said it would agree to an exchange ratio based on $27.50 for each Terra share, with an exchange ratio of not less than 0.4129 of a CF Industries share and not more than 0.4539 of a CF Industries share.
As previously reported, Terra rejected CF Industries' offer of a fixed exchange ratio of 0.4235 of a CF Industries share for each Terra share. The Sioux City, Iowa, nitrogen products company also rejected CF Industries' unsolicited offer in January.
Deerfield, Ill.-based CF Industries Holdings is the holding company for CF Industries, Inc., a producer and distributor of nitrogen and phosphate fertilizer products.
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