NEW YORK (Reuters) – Fertilizer maker CF Industries Holdings Inc (CF.N), which has been pursuing smaller rival Terra Industries (TRA.N) for months, once again changed its bid, offering $40.61 per share in cash and stock.

CF Industries said on Sunday it is offering to acquire Terra for $32 in cash and 0.1034 of a share of its common stock for each Terra share, including a $7.50 special dividend declared by Terra.

The $40.61 per share number is based on CF’s Friday closing price and represents a 28 percent premium to Terra’s Friday closing price, the company said in a statement.

CF Industries, which is itself fending off a hostile takeover bid from Agrium Inc (AGU.TO), in August sweetened its offer for Terra by 22 percent from its March 23 offer of $30.50 per share.

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