PotashCorp Sued Over Rejection Of $40B BHP Bid

Law360, New York (October 7, 2010, 7:44 PM EDT) -- Potash Corp. of Saskatchewan Inc. shareholders have filed a putative class action seeking to force the Canadian fertilizer producer and its board to entertain a $38.6 billion tender offer from BHP Billiton PLC.

The complaint, filed Wednesday in the U.S. District Court for the Northern District of Illinois, alleges the directors acted against shareholder interests in using a poison pill to fend off the BHP bid.

“The individual defendants abused their position as directors by essentially refusing to consider BHP’s proposal and subsequent offer to purchase...
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