BHP Goes Hostile With $43B Bid For PotashCorp

Law360, New York (August 18, 2010, 11:50 AM EDT) -- Australia's BHP Billiton Ltd. said Wednesday that it plans to take its $43 billion bid for Canadian fertilizer giant Potash Corp. of Saskatchewan Inc. directly to the company's shareholders now that PotashCorp's board of directors has rejected the offer.

BHP Billiton said it intends to make an all-cash offer to acquire all outstanding common shares of PotashCorp from the company's shareholders at $130 per share, bypassing PotashCorp's board of directors, which balked at the same offer Tuesday, calling it “grossly inadequate” and “highly opportunistic.”

The price...
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