CF raises bid for Terra, adds cash portion - KWWL - Eastern Iowa Breaking News, Weather, Closings

CF raises bid for Terra, adds cash portion


DES MOINES (AP)--CF Industries Holdings Inc. has raised its bid for Terra Industries by adding a cash portion to the offering in the fertilizer company's latest move to acquire its resistant rival.

The latest bid sent Terra shares up 12 percent to $35.65 in premarket trading Monday.

Deefield, Ill.-based CF said Sunday it will offer $32 in cash -- including the $7.50 per share special dividend declared by Terra -- and 0.1034 of a CF common share for each Terra share.

This raises the value of the deal to $40.61 per share. That is a 5 percent premium on CF's previous all-stock offer.

CF has repeatedly rejected Terra's offers. But it says its board of directors will review and consider the latest offer.

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