Friday, January 15, 2010
CF Industries announced last night that it was dropping its bid for Terra Industries. Although this is a de-escalation in the fight amongst CF, Terra, and Agrium. It's not over yet in the "forever war" though. Agrium's $5.36 billion hostile bid for CF Industries is still on the table. It's not obvious after dropping their bid for Terra that CF is simply going to roll over for Agrium. It still calls the Agrium offer "less than compelling". Agrium for its part is gearing up for an old fashioned proxy fight. It has nominated two candidates for the board of CF Industries and is calling on CF Industries shareholders to force the board to redeem its poison pill. Wonder if we have any popcorn left?