CF Industries Holdings Inc. said Monday it will extend its offer until Wednesday for shares of Terra Industries as part of a takeover fight that has created one of the world's biggest fertilizer companies.
CF, which was given clearance by Terra to buy the company in a $4.7 billion deal, already has acquired 87.5% of Terra shares. If it can buy more than 90%, CF will be able to begin acquiring the rest without a vote or meeting of Terra's shareholders. Each share that is not tendered would be converted according to an exchange offer.
Terra shareholders will be paid $37.15 in cash and 0.0953 of a share of CF Industries common stock. The exchange offer was set to close Friday, but CF decided to extend the offer this week.
CF shares fell 73 cents to $92.17 in late morning trading.
Copyright 2010 The Associated Press