Terra Industries (TRA) Favors CF Industries Holdings (CF) "Superior" Takeover Bid
March 10, 2010 12:21 PM
Fertilizer producer Terra Industries Inc. (NYSE: TRA) announced on Wednesday that it now favors a $4.68 billion acquisition offer made by rival CF Industries Holdings, Inc. (NYSE: CF) over a previous $4.1 billion offer made by Yara International.
Norway-based Yara International now has five days to either match or exceed the takeover bid from CF Industries Holdings.
If the existing deal between Terra Industries Inc. and Yara International falls through, Yara International would walk away from the deal with a $123 million breakup fee.
The announcement is just the latest twist in takeover speculation surrounding Terra Industries that began more than a year ago.
Terra has been resisting CF Industries Holdings' takeover attempts for nearly a year.
The agreement between Terra Industries and Yara International prompted CF Industries Holdings to step in with its hostile bid.
