- Terra Industries to be Acquired by Yara Int'l.
- Feb 28 2010
Iowa-based Terra Industries has agreed to be acquired by Norwegian fertilizer company Yara International ASA for $4.1 billion. Yara will pay $41.10 in cash for each Terra share, a 23.6 percent premium on Friday's closing share price. The boards of directors of both Yara and Terra unanimously approved the combination.
Yara plans to fund the deal in part by raising $2 billion-$2.5 billion in a rights issue. The deal is expected to close in June 2010 on the conditions of the rights issue, Terra shareholder approval and the approval of regulatory authorities.
Until a month ago, Terra Industries had been the target of a hostile takeover attempt by CF Industries. Meantime, Agrium's pursuit of CF, which was the subject of our January Event Driven Special Situation report, has moved into its 12th month.