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takeover offer posts

Potash Turns Down BHP Billiton Takeover Offer

Posted Aug 17th 2010 8:30AM by Mark Fightmaster (RSS feed)
Filed under: BHP Billiton Ltd ADR (BHP), Potash Corp. of Saskatchewan (POT)

Potash (POT) has turned down a takeover offer by BHP Billiton Limited (BHP). According to the Canadian giant, the deal was rejected because BHP's bid was "grossly inadequate." POT's board unanimously rejected BHP's offer of $130 per share in cash -- noting that the offer does not accurately reflect the value of POT's position in the industry, the value of planned expansions, and the value of POT's investments. The $130-per-share offer is a 16% premium over POT's Monday close of $112.15.

It sure seems that BHP was trying to score a major takeover with a lowball offer. Unfortunately for BHP, POT noted that there is a turnaround taking place in the fertilizer sector and BHP was simply trying to take advantage of the company.

Continue reading Potash Turns Down BHP Billiton Takeover Offer

Newspaper wrap-up: Anheuser-Busch prepares to battle InBev

Posted Jun 26th 2008 8:00AM by Laurie Pasternack (RSS feed)
Filed under: Newspapers, Magazines, General Electric (GE), Citigroup Inc. (C), JPMorgan Chase (JPM), Anheuser-Busch InBev (BUD), Bank of America (BAC),

MAJOR PAPERS:

Anheuser-Busch Companies Inc (NYSE: BUD) is going to turn down InBev's unsolicited $46.35B takeover offer and that may come before week's end, the Wall Street Journal reported. InBev is then expected to pursue a hostile takeover and Anheuser will say the offer undervalues the company. Instead, Anheuser will attempt to boost its share price by selling non-core assets such as its theme parks.
The Wall Street Journal also reported that Belgian-Dutch financial firm Fortis NL (OTC: FORSY), in a move to increase its solvency, will attempt to raise $12.54B, and will also cancel its interim dividend and sell some assets.
According to people familiar with the situation, the Wall Street Journal reported that JP Morgan Chase & Co (NYSE: JPM) reportedly dropped out of the bidding for General Electric Company's (NYSE: GE) $30B credit-card business. The sources said Citigroup Incorporated (NYSE: C), Bank of America Corporation (NYSE: BAC) and Capital One Financial Corporation (NYSE: COF) are not expected to submit bids, as a result of charge-offs and rising delinquencies in their own credit card portfolios.
The Financial Times reported that the London Stock Exchange, in a joint venture with Lehman Brothers Holdings Inc (NYSE: LEH), unveiled a pan-European equities trading platform to fight rivals that are hurting its market share.