Terra Rejects Latest CF Overture

Fertilizer maker Terra Industries (NYSE: TRA) has rejected the latest acquisition offer from rival CF Industries (NYSE: CF), saying the most recent offer is the same as a previously rejected bid.

CF has offered to pay $24.50 in cash and 0.1034 shares of its stock for every Terra share. The offer also includes a $7.50 per share special cash dividend, which Terra shareholders will receive whether the deal is accepted or not, according to Reuters.

Terra shareholders voted on Friday to place three CF-backed board members on the Terra board of directors. The companies have previously discussed a break-up fee of $150 million.