Agrium (AGU) | TSX | Meeting Date: 09/04/2013
In the context of the current contest, Agrium shareholders have been asked to consider two complex and markedly different perspectives on the historical success and prospective value of Agrium. On the one hand, JANA firmly asserts the Company has underperformed its peers by a demonstrably significant margin across a range of key financial measures, a clear trend only thinly veiled by the questionable efforts of management and the board since mid-2012. In view of the severity of these issues, JANA maintains a fresh perspective at the board-level, including an earnest review of Agrium’s operating structure and capital allocation policies, would stand to dramatically improve the Company’s performance and unlock significant value for all shareholders.

In offering its own staunchly-worded rebuttal, the board insists that JANA’s analyses are severely flawed, and that any conclusions drawn therefrom present a wholly inaccurate picture of Agrium’s operating performance and financial condition. Indeed, running counter to the bulk of the claims made by JANA, the board suggests Agrium has thrived under its current integrated structure, which offers key strategic advantages and provides the flexibility necessary to pursue and maintain a shareholder-friendly capital allocation policy. The board claims the foregoing benefits would be at significant risk in the event JANA is successful in its solicitation, particularly in view of questionable financial arrangements between the JANA and its nominees.

Agrium shareholders will have the opportunity to express their own views at the Company’s annual meeting, currently scheduled for April 9, 2013.

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