PotashCorp Responds To Withdrawal Of BHP's Tender Offer
PotashCorp has issued a statement in response to BHP Billiton withdrawal of its unsolicited tender offer to acquire PotashCorp.
November 15, 2010
PotashCorp has issued the following statement in response to the announcement by BHP Billiton that it has withdrawn its unsolicited tender offer to acquire PotashCorp:
BHP Billiton’s decision to withdraw its offer underscores the PotashCorp Board of Directors’ unanimous belief that the BHP Billiton offer substantially undervalued PotashCorp and failed to reflect both the value of our premier position in a strategically vital industry and our future growth prospects.
We believe our opportunity for growth in the industry is unmatched and we are excited about the future. As the food requirements of our growing global population continue to increase, we believe PotashCorp has the right strategies in place to enhance earnings in the strong market conditions we see unfolding. Building further value continues to be our primary focus, and with our world-class asset base and proven business strategies, we believe we are well-positioned to exceed the expectations of our customers and deliver compelling value to our shareholders.