Terra updates shareholders on CF takeover attempt - KTIV News 4 Sioux City IA: News, Weather and Sports

Terra updates shareholders on CF takeover attempt

SIOUX CITY, Iowa (KTIV) -- Terra Industries is lobbying its shareholders in advance of the company's annual meeting.

In the letter, President and CEO Michael Bennett addressed repeated takeover bids by CF Industries. Each time, Bennett said, Terra's board determined CF's proposal wasn't in the best interest of the company, or its shareholders.

Bennett said CF's offer "substantially undervalued" Terra.

The company's annual shareholders meeting will be November 20th. Terra hasn't said where the meeting will be held, but shareholders haven't met in Sioux City since 2006.

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