Calgary-Agrium Inc. said March 14 that it extended its previously announced tender offer for all the common shares of UAP Holding Corp. until midnight New York time on Wednesday, April 30, 2008. The offer was previously set to expire March 14. Agrium extended the offer because all the conditions to completion of the offer have not yet been satisfied. In particular, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has not yet expired or been terminated. As of 5:00 p.m., March 13, approximately 31.34 million shares of common stock of UAP have been tendered in and not withdrawn from the offer. In addition, Agrium announced that it intends to voluntarily withdraw its notification and report form from the Federal Trade Commission later March 14. As a result of informal discussions with FTC staff, Agrium believes the FTC’s concerns are limited to approximately a dozen UAP stores, out of about 370. Agrium plans to work with the FTC in an attempt to eliminate the stores of concern. Agrium plans to re-file its notification and report form when it believes the FTC’s concerns have been fully addressed and remedied. The company remains highly confident of a successful close to the transaction. It expects the close in early summer.
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