Calgary-Agrium Inc. said Sept. 21 that it has extended the expiration date of its offer to acquire CF Industries Holdings Inc. for $40.00 in cash plus one Agrium share per CF share until 12:00 midnight, New York City time, on Oct. 22, 2009. Agrium President and CEO Mike Wilson said, “Agrium remains fully committed to acquiring CF, and as we have previously stated, we strongly believe that combining Agrium and CF will create a terrific company and significant value for stockholders. Despite the fact that CF continues to ignore a clear mandate to conclude a transaction, we will continue to press CF to execute a mutually beneficial merger agreement. Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra.” As of 5:00 p.m., New York City time, on Sept. 18, 2009, approximately 11.2 million shares of common stock of CF had been tendered into and not withdrawn from the exchange offer. The number is well below the 30.14 million shares, or 62 percent, that were tendered earlier this summer.
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