Sioux City-Terra Industries' board of directors has unanimously rejected CF Industries' most recent proposal to acquire Terra for $36.75 in cash and 0.1034 of a share of CF common stock for each share of Terra (PCN, 14 Dec 09, p 2). CF's latest offer, representing an increase of $4.75/share from its earlier bid, was rejected because "it continues to substantially undervalue" the company, Terra stated.
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