Sioux City-based Terra Industries Inc, the fertilizer producer, rejected revised takeover offer tabled by CF Industries.

Terra said that the revised offer included the same terms as the bid made on November 1, with a 30-day 'go shop' provision.

CF's November 1 offer was for $32 in cash, which included a special dividend of $7.50 per share, and 0.1034 of a CF common share against each Terra share.

Speaking on the topic, Mike Bennett, CEO of Terra, said, "We continue to believe that Terra's current strategy, which capitalizes on our attractive product mix, diversified customer base and geographic advantages, will deliver greater value than CF's proposal."

CF has been chasing Terra since January, while fending off a hostile bid from Canada-based Agrium Inc.

In the after-hours trading, shares in Terra gained more than 5 per cent to jump over $40-a-share.