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Friday, November 06, 2009
CF Industries Spurns Agrium's Latest Offer
By Michelle Donley
MarketWatch Pulse
NEW YORK -- CF Industries Holdings Inc. said Friday that its board has rejected Agrium Inc.'s revised acquisition bid, noting that it "continues to substantially undervalue the company." On Thursday, Agrium raised its hostile takeover offer for fertilizer rival CF Industries, hiking the cash portion of the deal by 13%. Based on Wednesday's closing price of Agrium, the total revised bid was lifted to $92.99 a share. Shares of CF Industries ended Thursday at $79.90.
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