Terra Industries Inc. (TRA) said its Board of Directors, after careful consideration, including receipt of advice of its independent financial and legal advisors, has unanimously rejected CF Industries Holdings, Inc.'s (CF) latest proposal to acquire Terra for $29.25 per share in cash plus 0.1034 of a share of CF common stock per Terra share, because it continues to substantially undervalue Terra.
The Board considered, among other factors, that the fertilizer sector has strengthened significantly in recent months and moderate gas costs and the broader recovery among Terra's agricultural and industrial customer base is expected to drive rising demand and improving margins for Terra's upgraded nitrogen products. The Board believes the market consensus is shifting to reflect the brighter near-and long-term prospects for the entire sector, and that the latest improvement to CF's bid does not fully reflect these brighter prospects.
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