Agrium: Offer for CF Is Final

Agrium(AGU Quote) has drawn the line in the fertilizer: June 22 is the last day it will wait for CF Industries(CF Quote) to accept its takeover bid.

Agrium, based in Calgary, Canada, has extended the expiration date of the exchange offer until midnight EDT on June 22, a week later than the previous deadline. As of midnight June 2, approximately 1.49 million CF shares had been tendered into the offer. CF has 48 million shares outstanding.

That offer is $40 in cash and one common share of Agrium for each CF share. It is Agrium's "best and final price absent engagement by CF and demonstration of additional value," Agrium said.

Based on Agrium's closing stock price on June 2, the offer has a current value of $89.01 per CF share and represents a premium of 60% to CF's closing price on Feb. 24, the day before Agrium announced its initial proposal for the Deerfield, Ill., company.

Agrium shares were down 7.5% to $45.33 in the last hour of trading Wednesday, while CF was at $75.80, down 5.1%.

"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 CEO Mike Wilson. "If we receive a compelling majority of shares tendered into our offer, we will continue to press CF to engage. "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."

Elsewhere, it was a dreary day among other fertilizer companies: Mosaic(MOS Quote) was down 6.7% to $52.22.