Filed under: Major movement, Deals, Industry, Options, Technical Analysis
CF Industries (CF - option chain) stock is trading lower today after the situation surrounding two takeover deals continues to get murkier. Agrium (AGU) announced this morning that CF’s stockholders tendered 62% of their shares into a hostile takeover offer launched by AGU. AGU extended the offer, which originally was to expire yesterday, to December 18. Meanwhile, CF’s board said that it does not believe that the tender results reflect stockholder support for Agrium’s offer. At the same time, Terra Industries (TRA) is fending off a hostile bid made by CF. The uncertainty surrounding this situation is holding back CF shares and if you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on the stock.
This morning, CF opened at $83.60. So far this day the stock has hit a high of $82.50 and a low of $84.48. As of 11:50, TRA is trading at $82.71, down $3.58 (-4.2%). The chart for CF looks neutral and S&P gives CF a neutral 3 STARS (out of 5) hold ranking.
Continue reading CF Industries (CF) falls as takeover drama continues
CF Industries (CF) falls as takeover drama continues originally appeared on BloggingStocks on Thu, 19 Nov 2009 13:40:00 EST. Please see our terms for use of feeds.
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