Calgary-Agrium Inc. on Feb. 25 extended its previously announced tender offer for all of the common stock of UAP Holding Corp. until 12:00 midnight, New York City time, on Friday, March 14, 2008. The tender offer was previously set to expire Feb. 25 at midnight, New York City time. Agrium said it extended the offer because all of 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 (the HSR Act) has not yet expired or been terminated. In addition, Agrium announced that it was voluntarily withdrawing its notification and report form from the Federal Trade Commission (FTC) on Feb. 26, and planned to re-file such notification and report form on Feb. 28. Agrium originally filed its notification and report form under the HSR Act on Dec. 10, 2007, and re-filed it on Dec. 28 and again on Feb. 11. Since the original filing of its notification and report form, Agrium and the staff of the FTC have been engaged in informal discussions during which Agrium provided additional information about the businesses of Agrium and UAP. As a result, Agrium said it believes that significant progress has been made in reducing the areas about which the FTC might have competitive concerns with respect to the proposed acquisition. As of 4:00 p.m., New York City time, on Feb. 25, approximately 30.15 million shares of common stock of UAP had been tendered in and not withdrawn from the offer. Agrium said it remains committed to working cooperatively with the FTC as it conducts its review of the proposed acquisition, and remains highly confident of a successful close to the transaction.
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