Nov. 6, 2009 (Business Wire) -- CF Industries Holdings, Inc. (NYSE: CF) today announced that its board of directors has rejected Agrium Inc.’s (TSX: AGU) (NYSE: AGU) 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.”
Morgan Stanley and Rothschild are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to CF Industries.
About CF Industries
CF Industries Holdings, Inc., headquartered in Deerfield, Illinois, is the holding company for the operations of CF Industries, Inc. CF Industries, Inc. is a major producer and distributor of nitrogen and phosphate fertilizer products. CF Industries operates world-scale nitrogen fertilizer plants in Donaldsonville, Louisiana and Medicine Hat, Alberta, Canada; conducts phosphate mining and manufacturing operations in Central Florida; and distributes fertilizer products through a system of terminals, warehouses, and associated transportation equipment located primarily in the Midwestern United States. The company also owns a 50 percent interest in KEYTRADE AG, a global fertilizer trading organization headquartered near Zurich, Switzerland. Additional information on CF Industries is found on the company's website at www.cfindustries.com.
Additional Information
This press release is neither an offer to purchase nor the solicitation of an offer to sell any securities. CF Industries Holdings, Inc. (“CF Industries”) previously filed a Solicitation/Recommendation Statement on Schedule 14D-9 (as amended, the “Solicitation/Recommendation Statement”) with the Securities and Exchange Commission (the “SEC”) with respect to the exchange offer commenced by Agrium Inc. INVESTORS AND SECURITY HOLDERS OF CF INDUSTRIES ARE URGED TO READ THE SOLICITATION/RECOMMENDATION STATEMENT AND OTHER RELEVANT MATERIALS AS THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
This press release is not a substitute for the prospectus/proxy statement CF Industries would file with the SEC regarding the proposed transaction with Terra Industries Inc.
