Potash Corporation (POT) said today it has received and rejected a takeover bid from BHP Billiton (NYSE:BHP) worth about $38.6 billion.
Potash said it had determined the offer was "grossly inadequate."
Potash said the bid undervalues the company and fails to reflect the value of its "premier position" in its industry and its "unparalleled" growth prospects.
Shares of Potash are up 26.6%. Competitor Mosaic Company (NYSE:MOS) is also higher by 9.3% on the news.
Paulson & Co. revealed a new stake in PMI Group (PMI). Sharse of PMI are up 15.4%.
On relatively normal volume, shares of Georgia Gulf (GGC) are higher today by 11.9%.
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