Potash snubs $38.6 billion buyout offer

Potash, the world's largest producer of a fertilizer called potash, on Tuesday received and rejected the year's largest buyout offer.
The Canadian company turned down a $130-a-share cash offer from mining company BHP Billiton that valued Potash at $38.6 billion, a 16% premium to its Monday price. It's the biggest announced buyout offer this year, topping drugmaker Novartis' $28.1 billion offer for Alcon in January, deal tracker Dealogic says.

Potash's stock (POT) jumped $31.02 Tuesday to $143.17 — above the offer price — signaling optimism that other potential buyers might step in.

So far this year, there have been 25,554 mergers and acquisitions announced worldwide, valued at $1.6 trillion, Dealogic says. That's a 12% increase in the number of deals and a 23% jump in the value of deals from the same point in 2009, Dealogic says

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- Posted: 2010-08-17 21:51:48

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