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Gold/Mining/Energy : Canadian Rocket Red's Picks
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From: ChartReader9991/28/2010 10:02:50 AM
   of 19697
 
Athabasca Potash, BHP enter definitive takeover deal

2010-01-28 06:23 ET - News Release

Ms. Dawn Zhou reports

BHP BILLITON CANADA INC. TO ACQUIRE ATHABASCA POTASH INC.

Athabasca Potash Inc. (API) and BHP Billiton Canada Inc. have entered into a definitive agreement whereby BHP Billiton will offer to acquire all of the issued and outstanding common shares of API at a price of $8.35 cash per common share. The total equity value of the transaction is approximately $341-million on a fully diluted basis. The transaction represents the culmination of a nearly year-long process first described in API's March 30, 2009, press release and later expanded in API's July 16, 2009, press release (see Stockwatch).

The consideration represents a 105-per-cent premium to the closing market price of the common shares on July 15, 2009, the day preceding API's announcement that it had expanded the scope of transactions being considered in its strategic review process to include potential mergers or acquisitions of all or a portion of API or its business. The consideration also represents a 25-per-cent premium over the closing price of the common shares on the Toronto Stock Exchange on Jan. 27, 2010, and a 37-per-cent premium based on the volume-weighted-average price of the common shares over the 60 trading days prior to Jan. 28, 2010.
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