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PotashCorp rejects BHP Billiton offer as undervalued
Potash Corp. of Saskatchewan Inc. says its board has received and rejected an unsoliciated takeover bid from BHP Billiton Ltd. worth about $38.49 billion, saying it undervalues the fertilizer producer
BHP Billiton, an Australian natural resources company, is offering to
buy Potash, fertilizer company, for $130 per share, a 16 percent premium
over Monday’s closing price.
Potash says its board has adopted a shareholder rights plan, also known
as a poison pill, to give the company time to better develop
alternatives to enhance shareholder value.
It says the BHP Billiton bid is nonbinding and “opportunistic.”
“The fertilizer industry is emerging from the recent global economic
downturn, and we feel strongly that PotashCorp shareholders should
benefit from the current and potential value of the company,” Potash
says.
Copyright 2010 The Associated Press. All rights reserved. This material
may not be published, broadcast, rewritten or redistributed.
Source: Associated Press
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