Agrium Threatens To Walk From CF Industries Deal

After reaching an impasse with CF Industries' board in March, Agrium took its offer directly to shareholders.

"We are 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," Wilson said Tuesday.

Meanwhile, CF Industries is trying to buy Terra Industries Inc., and has launched a fight to unseat that company's board.

"We are committed to continuing to pursue a business combination with Terra Industries, which we believe will create superior value for CF Industries stockholders and provide a significantly better growth platform than a combination with Agrium," Stephen R. Wilson, chairman, president and CEO of CF said late Tuesday.

Wilson said the company is in the process of complying with a request for additional information from the Federal Trade Commission and is "confident that we will receive regulatory clearance in the near-term."

Shares of Agrium fell $1.97, or 4.1 percent, to close Tuesday at $46.23, while shares of CF industries Holdings Inc. fell $1.31 to finish at $78.70.