The “urge to merge” is making for some rather bizarre stories in the otherwise boring field of agricultural chemical stocks.
As soon as Terra shot down the deal, Agrium (AGU) came along and launched a hostile takeover for CF on the condition that there’s no Terra deal. Agrium offered $72 a share but CF Industries shot down that deal and raised its bid for Terra not once but twice, and Terra still wouldn’t bite.
CF’s CFO then said that Agrium could pay $100 a share for CF. So today Agrium raised its bid for CF Industries to $75.30 a share, all cash. Let’s see what CF has to say.
I think I need a scorecard to keep track of all this! But I will say that I like all three stocks and they’re all rated Buys.