("Tendered CF Shares For Agrium Bid Slump In Past Month,"
published at 7:27 a.m. EDT, didn't use Agrium's most recent offer
in detailing the cash portion of the bid. The corrected story
appears below.)
DOW JONES NEWSWIRES
CF Industries Holdings Inc. (CF) shareholders pulled back their
tendered shares in droves the past month as Agrium Inc. (AGU) said
it would continue a takeover effort of its fellow fertilizer
maker.
Agrium had threatened to walk away from its $3.7 billion buyout
effort if a sufficient number of CF holders didn't show support by
a June deadline. As such, 62% of CF shares were tendered in support
of the deal and Agrium said it would continue to pursue a
takeover.
But Agrium said on Monday as it extended its tender offer
another four weeks, just 10.4 million shares were tendered and not
withdrawn as of 5 p.m. EDT Monday. That compares with last month's
total of 30.1 million; there are about 49 million CF shares
outstanding.
Agrium President and Chief Executive Mike Wilson didn't comment
on the sharp drop in a statement disclosing the tender-offer
extension. But he did say his company is "fully committed" to
completing a deal.
CF has repeatedly rejected Agrium's approaches, instead pushing
for a takeover of a third fertilizer company, Terra Industries Inc.
(TRA). But Terra has repeatedly said no to CF.
Agrium shares closed Friday at $40.64 while CF finished at
$72.98. The stocks were inactive premarket. Agrium's offer is one
of its shares and $40 for each share of CF.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com