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If TRA is correct in believing CF's offer is too low, then AGU's offer for CF is a joke. AGU's new offer ($4.6 bil) has a smaller cash component and values CF only 10% more than what CF is offering TRA ($4.1 bil). CF's financial performance in recent years blows away TRA's performance. CF's offer is much more generous than AGU's. Who's kidding who here?
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