M&A

22 November, 2009

UPDATE 1-Terra board again rejects CF bid

NEW YORK, Nov 22 (Reuters) - Terra Industries Inc's (TRA.N) board on Sunday rejected CF Industries Holdings Inc's (CF.N) latest proposal to buy it, saying the new offer contained the same economic terms as CF's proposal from Nov. 1.

Terra's board, which previously rejected CF's proposal as inadequate, again concluded the proposed merger agreement did not provide any basis for engagement with CF, it said.

The move comes after three nominees proposed by CF were elected to Terra's board CF on Friday.

CF itself is the target of a hostile takeover effort by Agrium Inc (AGU.TO). (For more M&A news and our DealZone blog, go to www.reuters.com/deals) ((paritosh.bansal@thomsonreuters.com +1 646 223 6113; Reuters Messaging: paritosh.bansal.reuters.com@reuters.net))

Source: http://www.reuters.com