NEW YORK—Canadian fertilizer producer Agrium Inc. said Monday its subsidiary Agrium U.S. Inc. completed its tender offer for UAP Holding Corp., which distributes agricultural and non-crop products.
Agrium said its tender offer for all of UAP's shares expired at midnight on Friday. About 52.2 million shares were tendered, or about 98.5 percent of UAP's outstanding shares.
The offer is the first step in Agrium's acquisition of UAP, the company said. In the second step, the remaining shares of UAP will be converted into the right to receive $39 in cash per share. The company said that step should be completed in the next few days.
Agrium said it would buy UAP for $2.65 billion in cash, or $39 per share, in December.
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