The Potash Corp. board are suing BHP Billiton for what looks like a serious accusation. Reuters Canada reports Potash Corp sues BHP as takeover struggle escalates. Wow. BHP say absolutely nonsense and Potash are just trying to deflect the fact that there are no counterbids of any sort.
I heard from a friend of a friend in the fertilizer business that the Potash Corp. board are keen to do the deal and extract the cash, they are just waiting for a slightly higher bid. And the Potash price trading at 146.33 Dollars a share tells you that. We wrote back in July of a Business Week story: Potash's Doyle Would Get $445 Million From BHP Offer. At 130 bucks a share. So an extra 20 Dollars a share, an extra nearly 15 percent would net Doyle over half a billion Dollars. What would you do?