October 7, 2010 / 5:47 PM / 7 years ago

Potash CEO says BHP bid is non-starter-Globe & Mail

* Says value of Potash Corp far exceeds $170 per share

* Says still in discussions with other potential bidders

TORONTO, Oct 7 (Reuters) - The head of Potash Corp (POT.TO) said the value of his company far exceeds $170 per share, suggesting BHP Billiton (BHP.AX) -- or any other bidder -- would have to pay much more than the current stock price to win his backing, a Canadian newspaper reported on Thursday.

BHP's hostile bid of $130 a share, which values the company at $38.6 billion, is "a non-starter," said Potash Corp Chief Executive Bill Doyle in an interview with The Globe and Mail and published on its website. (here)

Doyle predicted that Potash Corp.’s stock would “blow the doors off” its record high of about $240 if the company were to stay independent.

“When you think about this company being sold for $130, $150, 160 or $170 - when you look at the future growth of this company and where we are going with the share price ... this deal has a long way to go,” Doyle said.

Potash Corp shareholders will make the ultimate decision on the BHP offer, he added.

Doyle said the company is still in discussions with other potential bidders, and that he believes another bid will emerge.

“At the end of the day you are going to have a choice between a transaction or the company being a standalone entity. I can tell you, I can make a very, very strong case that the best choice that could be made will be that the company is a standalone entity because we are going to blow the doors off the $240 share price,” said Doyle, in the report. (Reporting by Euan Rocha; Editing by Frank McGurty)

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