Agricultural nutrients maker Agrium Inc. (AGU, AGU.TO) said Tuesday that it signed a proposed consent agreement with the Staff of the Federal Trade Commission relating to the company's proposed acquisition of fertilizer maker CF Industries Holdings Inc. (CF).
The remedies in the consent agreement are not material to the proposed transaction with CF, Agrium noted. The consent agreement will be forwarded to the Commission for its review and approval, which is generally concluded in a few weeks.
Agrium President and CEO Mike Wilson said, "This agreement further illustrates that we have a clear path to completing the CF acquisition. We remain prepared to immediately execute a fully financed, binding merger agreement with CF and urge CF stockholders to show their support by tendering into our offer."
Agrium has been pursuing CF for several months now. On November 5, Agrium once again sweetened its hostile offer to buy CF, its third offer revising the cash portion, this time offering $45 in cash plus one Agrium share per CF share. The offer has a total value of $92.99 per share based on its closing stock price on November 4. However, CF's board of directors rejected the offer saying it continues to substantially undervalue the company and is not in the best interests of CF Industries and its stockholders.
On November 12, Agrium sent a letter to stockholders of CF, urging them to tender their shares so as to convey to the CF board that they want the deal at the current price.
Agrium said its offer is not subject to a financing condition and that it has sufficient cash resources and committed financing underwritten by Royal Bank of Canada and The Bank of Nova Scotia to fund the cash portion of the offer.
RBC Capital Markets, Goldman, Sachs & Co., and Scotia Capital are acting as financial advisors to the company. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Blake, Cassels & Graydon LLP are providing legal counselling, while Georgeson Inc. is the information agent in connection with Agrium's offer.
AGU closed Monday's regular trade at $53.78, up from the previous close of $53.00, on 1.82 million shares.
CF shares were at $81.29 when the market closed on Monday, higher than the prior close of $80.36, on 1.51 million shares.
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