CF Industries' second sweetener to its bid for Terra Industries has tempted holders of just a further 2.3% of shares in the rival fertilizer group to tender their stock.

CF, giving Terra investors an extra 10 days to tender their stock, said that holders of 11.5m shares had pledged their holdings so far.

The figure, equivalent to 11.5% of Terra shares, is 2.32m more than on August 5, when CF unveiled its sweetened all-share bid.

Large discount 

Investors currently appear to hold out little chance of CF's bid succeeding.

CF shares stood at $82.13 in morning trade in New York, valuing its bid for Terra at $3.81bn, or $38.19 per share. 

Terra shares were trading unchanged at $32.61, nearly 15% below the implied offer price, a far wider gap than would be expected if funds thought there was a realistic chance of being able to exploit the offer.