Potash (POT) Says Co. Has Held Talks with 15 Potential Buyers
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With a $130/share offer from BHP Billiton (NYSE: BHP) lingering over the heads of Potash (NYSE: POT) holders for some time now, Canada's The Globe and Mail is reporting today that the company says it has held talks with as many as 15 possible buyers.
Considering a stock price which has recently been trading in a range as other ag-related names have risen, Potash is seemingly scrambling for counteroffers to the rejected BHP bid. Today's comments related to the number of potential bidders seem to underscore Potash's proclivity toward hammering out a deal as soon as possible.
The unique political and regulatory environment in the province of Saskatchewan, cited by Potash in a regulatory submission to Saskatchewan's Financial Services Commission, is apparently a large factor determining the timing of recent discussions. Additionally, Potash noted the recovering global economy "and the reality that financing is less readily available than its has been in the past" as obstacles to reaching a deal.
Today's filing to the provincial committee by Potash comes ahead of a scheduled hearing on November 8 in which regulators will address a challenge from BHP to kill a poison-pill instituted by Potash upon the initial BHP offer.
According to The Globe and Mail, Potash said it has provided confidential information and statements to potential bidders -- obviously the next step to striking a deal at the bargaining table -- however, as many traders know, time is certainly running out for the fertilizer company.
Considering a stock price which has recently been trading in a range as other ag-related names have risen, Potash is seemingly scrambling for counteroffers to the rejected BHP bid. Today's comments related to the number of potential bidders seem to underscore Potash's proclivity toward hammering out a deal as soon as possible.
The unique political and regulatory environment in the province of Saskatchewan, cited by Potash in a regulatory submission to Saskatchewan's Financial Services Commission, is apparently a large factor determining the timing of recent discussions. Additionally, Potash noted the recovering global economy "and the reality that financing is less readily available than its has been in the past" as obstacles to reaching a deal.
Today's filing to the provincial committee by Potash comes ahead of a scheduled hearing on November 8 in which regulators will address a challenge from BHP to kill a poison-pill instituted by Potash upon the initial BHP offer.
According to The Globe and Mail, Potash said it has provided confidential information and statements to potential bidders -- obviously the next step to striking a deal at the bargaining table -- however, as many traders know, time is certainly running out for the fertilizer company.
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