Calgary-based Agrium on Friday suffered a setback in its bid to take over rival CF Industries.
The bid could be thwarted by CF's separate campaign to take over a third company, Terra Industries of Sioux City, Iowa.
Agrium's offer is conditional on CF dropping its bid for Terra. Terra shareholders voted Friday in favour of installing three CF-recommended directors to the Terra board. That increases the odds of Terra's board changing direction and recommending that their shareholders accept CF's $4.1-billion US offer.
Agrium's nearly $5-billion US offer for CF is conditional on it dropping its pursuit of Terra.
"I think that Agrium should simply take its marbles and go home. Agrium was a great company without CF and it's going to be a great company without CF in the future," said Mark Connelly, an analyst with Sterne Agee.
With files from The Canadian Press
