From news services 

SIOUX CITY, Iowa -- The fertilizer company Terra Industries says it is rejecting rival CF Industries' latest takeover offer.

Terra says CF's $4.1 billion bid significantly undervalues the company's shares. Terra is based in Sioux City, Iowa.

Earlier this week, CF Industries -- which has pursued Terra since January -- raised its offer by adding cash to the bid. It says the new bid was worth $40.61 per share, a 5 percent premium on CF's previous all-stock offer.

Terra has repeatedly rejected CF's offers.

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