Posted by Rick Stine
on August 17, 2010
To hear those folks at Potash Corp. tell the story, all they are trying to do is protect their shareholders from a bunch of predatory goons who don’t know how to value Potash. And to make it even more difficult for those goons to harm Potash shareholders, the company will enact a rights plan making an unsolicited offer very, very difficult.
BHP Billiton offered to spend $38.56 billion to purchase Potash – an offer that Potash, one of the world’s largest fertilizer companies, said would price Potash at “significantly less than intrinsic value.” Apparently the goons aren’t the only ones who don’t know the intrinsic value of Potash – investors don’t either.
The offer sent Potash’s shares soaring well above the $130 per share offer – at $143.17 the market is saying it expects someone to make a higher bid. This blogger certainly doesn’t know the value of Potash in the future (something Potash says the BHP offer ignores). But I do know this – the BHP bid added more than $9 billion of value to shareholders today.
Potash’s board and management should stop trying to protect shareholders from themselves and let the true owners of the company decide what they want to do.
A View Of The Rolling Hills, Meadows and Lakes Of The Eastern Townships
The Eastern Townships area of Quebec is known for many things – its food reminds some of Normandy, not only in its freshness but the wonderful dairy products, especially the cheese . The lakes and rolling countryside remind me of the New England yesteryear – when towns were not overcrowded and the waterways were not jammed with high testosterone boats (everyone had to outdo everyone with the biggest boats and biggest horsepower – size and loudness seemed to matter most).
The Eastern Townships have a little of everything for everyone. There is an abbey to visit, St. Benoit du Lac, where one can meditate during vespers at 5 p.m. each day – so peaceful listening to the Gregorian chants. And the monks make a very good blue cheese as well as delicious apple cider (hard cider). There are bicycle trails throughout the region. Parks for hiking. The people are friendly. The antique shops are many. Nice little dining finds as well as bakeries.
And the wine.
The Verdun Section of Montreal - across the street from Mas Cuisine, a remarkable new restaurant run by chef owner Michel Ross
This is a story not only about food but how to run a small, small business.
There is an industrial section of Montreal called Verdun. You walk down the main street, Wellington, and you see a consignment store here, a dollar store there. No Hermes on this roadway. But it just happens to house a remarkable restaurant that has been open for a little less than six months. It probably shouldn’t be considered remarkable that the restaurant, Mas Cuisine, is so good. The chef owner, Michel Ross, was a co-owner of another popular Montrea restaurant called Brunoise, which in several short years jumped up to the number one ranking in Zagat. And then in late 2007, it was closed.