CF Industries Holdings Inc. and Agrium Inc. both continue to file paperwork in order to keep their respective purchase goals intact. CF said late May 22 that it has extended the expiration date of its exchange offer for all of the outstanding shares of Terra Industries Inc. common stock to Friday, June 26, 2009. The exchange offer had been scheduled to expire on June 12, 2009. All other terms and conditions of the exchange offer remain unchanged.
As of the close of business on May 21, 2009, a total of 56,814 shares of Terra common stock had been tendered into the exchange offer. CF has been gaining a little ground. It said as of the close of business on April 23, 2009, a total of 19,370 shares of Terra common stock had been tendered into the exchange offer. As of March 31, 2009, there were approximately 100 million Terra shares outstanding.
On May 26, Agrium said that in order to allow more time for the Federal Trade Commission (FTC) to review information submitted in connection with Agrium’s proposed acquisition of CF under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), Agrium has withdrawn its notification and report form (HSR Form), and plans to re-file at the appropriate time.
Agrium originally filed its HSR Form on March 24, 2009, and re-filed it on April 27, 2009. Since the original filing of its HSR Form, Agrium and the staff of the FTC have been engaged in informal discussions, during which Agrium provided the staff with additional information about Agrium’s business. Agrium believes the staff has continued to narrow the focus of its investigation of the proposed acquisition of CF.
Agrium says the current withdrawal and future re-filing of Agrium’s HSR Form will provide the FTC with more time to review the information submitted by Agrium, without requiring a Request for Additional Information or “second request.”
Agrium says it remains committed to working cooperatively with the FTC as it conducts its review of the proposed acquisition. Agrium added that it remains confident the HSR waiting period will ultimately expire without any material effect to the transaction.