The world’s largest mining company, BHP Billiton, placed a hostile bid of $130 per share on PotashCorp. As evident from the name, they are the largest potash producer in the world, based in Saskatchewan. However, the CEO of PotashCorp, Bill Doyle, strong believes the starting bid of $38.6 is extremely undervalued; considering the company reached an “all-time peak of $239.50 on the New York Stock Exchange on June 17, 2008”. But, he clearly didn’t specify it dropped to $49.60 six months later. Relating to what guest speaker Murray Carlson said, various firms have reported that the bid could be somewhat higher (perhaps at a suggested $145 per share). But as a corporation, they have to take into account all the shareholder’s desires. Thus, the decision of whether PotashCorp is sold is completely dependent on what the shareholders deem valuable (in the future).
Despite BHP Billiton’s reputation and decent bid, Bill Doyle is confident that they will “blow the doors off” its record-high $240 a share as long as it remains independent. This decision affects various factors: not only is the financial aspect an issue, but due to natural resources, politics have made a stand too.
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*reference: http://www.theglobeandmail.com/globe-investor/potash/potash-corp-ceo-pushes-for-offer-that-far-exceeds-170-per-share/article1747669/


