The Canexus Board refused to engage. On September 15, 2016, Chemtrade made a revised proposal of $1.50 per share in cash and provided a draft arrangement agreement on effectively the same terms as the agreement Canexus entered into with Superior Plus, but with less regulatory risk to Canexus. Chemtrade was prepared to enter into this agreement before the scheduled closing of Canexus' note issuance on September 20, 2016. Chemtrade also indicated in its letter that it was willing to pay an additional $0.10 per share (or $1.60 per share) if the note offering was cancelled, since the notes contained significant costs, restrictions and prepayment penalties that decreased Canexus' value to Chemtrade.