bhp wants more potash

This should remind investors why TRH has a bright future !!

NEW YORK - Potash Corp. of Saskatchewan Inc. says its board has received and rejected an unsoliciated takeover bid from BHP Billiton Ltd. worth about $38.49 billion, saying it undervalues the fertilizer producer.

BHP Billiton, an Australian natural resources company, is offering to buy Potash, fertilizer company, for $130 per share, a 16 percent premium over Monday's closing price.

Potash says its board has adopted a shareholder rights plan, also known as a poison pill, to give the company time to better develop alternatives to enhance shareholder value.

It says the BHP Billiton bid is nonbinding and "opportunistic."

"The fertilizer industry is emerging from the recent global economic downturn, and we feel strongly that PotashCorp shareholders should benefit from the current and potential value of the company," Potash says.