NEW YORK ( TheStreet) -- As CF Industries' ( CF) begins its second-act tender offer for the shares of its sometime takeover target, Terra Industries ( TRA), investors and fertilizer soap-opera watchers are placing their bets on which deal(s) will eventually get done.Agrium ( AGU), after all, remains in pursuit of CF, and some industry observers believe that the Canadian agricultural products maker and retailer could, sometime this week, announce its own increased offer price for CF. As of now, there are many permutations..... THERE'S THE STATUS QUO: the Norwegian crop-nutrient giant Yara Industries goes through with its plan to buy Terra for $41.10 a share in cash, an agreement inked by the companies two weeks ago. Meanwhile, CF and Agrium remain independent. OR: CF succeeds in scaring off the Norwegians and convinces Terra, after a year's worth of rejection, to come into its fold. A week ago, CF reentered the fray with a bid that amounted to nearly 15% more than Yara's purchase price. CF is now conducting its second tender offer for Terra's shares -- $37.15 cash plus about 1/10th of a CF share for each of Terra's 99.8 million common shares. The tender expires April 2. With CF's stock trading Monday afternoon at about $105, the deal is now worth just shy of $4.7 billion. All of this comes, of course, after CF gave up on Terra in mid January, claiming the price had grown too dear, and sold all of the stock it had acquired in the Sioux City, Iowa, nitrogen producer. Terra management has told its stockholders to hang tight while its board "considers" CF's bid once more. This time, though, it must take CF much more seriously, since Terra is now officially on the market. Should Terra decide to proceed with CF, Yara contractually has five days to counter. At least one Yara board member, however, says that his company is unlikely to raise. He told Bloomberg on Friday that the offer on the table now is Yara's final one -- but as Chris Damas, a fertilizer-industry analyst for BCMI Research, a small Canadian trading and equity research firm, recently noted in an email to clients, that particular director is the labor union representative on Yara's board. As such, he may be trying to defend against any job cuts that would come from a Yara-Terra merger.