Potash Rejects $38B Bid from BHP Billiton

Fertilizer company Potash of Saskatchewan saw its shares jump nearly 30% on Tuesday after the company said Australian mining giant BHP Billiton had made an unsolicited offer to purchase Potash for more than $38 billion in cash. The unsolicited bid by BHP BHP would value Potash POT at $130 per share, at 16% premium to the company’s Monday closing share price, a value Potash executives called “grossly inadequate.” “The [company] unanimously believes that the BHP Billiton proposal substantially undervalues Potash Corp. and fails to reflect both the value of our premier position in a strategically vital industry and our unparalleled future growth prospects," said Potash chairman Dallas Howe in a statement. To read the rest, head over to FOX Business.