Terra Industries Inc. (TRA) announced that, based on preliminary estimates, it appears that CF Industries Holdings, Inc.'s (CF) three nominees were elected to the Terra Board of Directors.
In a statement, the company said, "While we are disappointed with the outcome of today's vote, we appreciate the consideration and input from our shareholders."
During the weeks leading up to the Annual Meeting, Terra shareholders delivered a consistent message to Terra's Board and management team that CF's latest proposal substantially undervalues Terra's robust near- and long-term prospects and that they do not support CF's proposal on its current terms.
Nevertheless, Terra shareholders noted that current trends in the fertilizer market could provide potential consolidation opportunities for many market participants. Terra's Board, as always, will continue to maintain an open-minded approach to considering any bona fide opportunity to create meaningful value for Terra shareholders.
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