Agrium Calls CF Buyout Bid "best And Final Price"

NEW YORK (AP) — Agrium Inc. on Wednesday held to its latest takeover bid for CF Industries Holdings Inc., calling it its "best and final price" unless CF engages in the deal and demonstrates a higher value.

The Canadian agricultural products company is offering $40 in cash and one common share of Agrium for each CF share. Agrium has been trying to buy fertilizer maker CF for months, but its advances have been repeatedly rejected as ", even after the company sweetened its deal a number of times.

"Agrium is prepared to execute immediately a fully financed, binding merger agreement but CF stockholders must send an unambiguous message to CF's board by tendering their shares into our offer," said Mike Wilson, Agrium's chief executive.

"If we fail to receive a compelling majority, we will conclude we do not have sufficient support from CF stockholders and will walk from the transaction."

The company extended the offer's expiration date to June 22.

CF was not immediately available to comment.

Shares of Agrium fell 35 cents to $48.66 in premarket trading Wednesday. CF Industries closed at $79.91 on Tuesday, and it hadn't traded yet in the premarket this morning.