Even though fertilizer maker Terra Industries rejected a more than $2 billion takeover offer from rival CF Industries earlier this week, CF has said it is still committed to doing a deal.

While CF said it prefers a negotiated transaction, it could launch a hostile bid. So, how are Terra’s defenses against a possible hostile takeover?

Fair, according to research firm FactSet SharkRepellent. Terra does not have a poison pill, but it does have a classified board with staggered terms. And the company is incorporated in Maryland, which has some takeover laws that are favorable to targets.

“They are one of the states that have a lot more protection than others. In ‘99 they actually approved legislation that added protection for their constituent companies,” said John Laide of FactSet SharkRepellent. ”It’s a lot of procedural things and Terra has taken advantage of most of those.”

(PHOTO:University of Maryland’s James Gist (R) stops Duke University’s DeMarcus Nelson short of the basket during the second half of their NCAA basketball game in Durham, North Carolina, February 28, 2007. REUTERS/Ellen Ozier )

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