SIOUX CITY, Iowa (KTIV) -- The three-way takeover fight in the fertilizer industry just a got a little more interesting.
Canada-based Agrium has extended the deadline for its hostile takeover of Illinois-based CF Industries. It's now giving CF shareholders until midnight on September 22nd to decide. The proposed purchase price is $40 in cash, plus one Agrium share per CF share.
CF has consistently resisted Agrium's takeover efforts, preferring to pursue a bid to acquire Sioux City-based Terra Industries.
CF says it would raise its fixed exchange ratio from a $2.2 billion offer made in March.
CF says it would also return at least $1 billion in cash to shareholders of the combined company once the proposed deal closes.