Potash Turns Down BHP Billiton Takeover Offer

Mark Fightmaster — Tue, 17 Aug 2010 08:30:00 EST

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

Potash Turns Down BHP Billiton Takeover Offer originally appeared on BloggingStocks on Tue, 17 Aug 2010 08:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments

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

Laurie Pasternack — Thu, 26 Jun 2008 08:00:00 EST

Filed under: Newspapers, Magazines, General Electric (GE), Citigroup Inc. (C), JPMorgan Chase (JPM), Anheuser-Busch InBev (BUD), Bank of America (BAC), Lehman Br Holdings (LEH)

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.

Newspaper wrap-up: Anheuser-Busch prepares to battle InBev originally appeared on BloggingStocks on Thu, 26 Jun 2008 08:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments