Notable Mergers and Acquisitions of the Day 8/26: CF/TRA, ADSK
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- Terra Industries Inc. (NYSE: TRA) sent the following letter to CF Industries Holdings, Inc. (NYSE: CF) in response to CF's letter dated August 5, 2009:
The Board of Directors of Terra Industries Inc., with the assistance of its financial and legal advisors, has carefully considered your latest proposal to combine our companies. Our Board has unanimously concluded that this most recent version of your proposal continues to run counter to Terra's strategic objectives, substantially undervalues Terra both absolutely and relative to CF, and would deliver less value to our shareholders than would owning Terra on a stand-alone basis.
CF later responding, saying Terra's rejection of its proposal for a business combination with Terra at a fixed exchange ratio of 0.465 shares of CF Industries for each Terra common share:
CF Industries has made a full and fair offer with an exchange ratio premium of over 35% in an all stock transaction. Terra stockholders would own nearly 50% of the combined company and would benefit from real and substantial synergies. CF Industries is confident that Terra stockholders will show their
support by voting for CF Industries' nominees at Terra's Annual Meeting, which should have been held by now.
- Autodesk, Inc. (Nasdaq: ADSK) announced the acquisition of certain assets from BOSS International, Inc. to further expand its water resources analysis capabilities for the architecture, engineering and construction industry. StormNET for stormwater management analysis, RiverCAD for floodplain analysis, and WaterNET for water distribution analysis will be more closely integrated with Autodesk's model-based design solutions, including AutoCAD Civil 3D, to help engineers streamline workflows, reduce errors and boost productivity. Terms of the transaction were not disclosed.
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