Agrium will present takeover bid to shareholders of CF Industries

Fertilizer giant Agrium has decided to present its takeover bid of CF Industries directly to the company's shareholders.

The Calgary-based company earlier launched a hostile $3.6-billion US takeover for its American rival, but was rebuffed by its board.

"CF's refusal to engage in discussions with Agrium left us with no choice but to take our offer directly to CF stockholders," Agrium president and CEO Mike Wilson said Monday in a statement.

CF Industries has been unsuccessful with its own takeover attempts. Last week, its bid for U.S. nitrogen producer Terra Industries was rejected.

"We believe the Agrium offer is a far superior alternative for CF stockholders as they receive a premium rather than pay a premium to Terra stockholders," Wilson said. "We are committed to this compelling combination and urge CF stockholders to send a message to the CF Board by tendering their shares into the Agrium Offer."

Wilson also said Agrium would be willing to increase its offer of CF can prove it's worth more than the bid already on the table.