Tuesday, August 17, 2010

Day Trader's Alert: POT, PTV

Shares of Potash Corp. of Saskatchewan Inc. (NYSE: POT) soared 25% in pre-market trading Tuesday after the world's largest fertilizer producer rejected a $38.6 billion unsolicited takeover bid from U.K. mining giant BHP Billiton Ltd. The board of Potash unanimously rejected the $130-a-share cash approach, calling it "grossly inadequate" and saying it undervalues the company.

Pactiv Corp., (NYSE: PTV), 
the Lake Forest, Illinoies-based maker of Hefty bags, is expected to soon announce an agreement to be acquired by New Zealand's Rank Group for a per-share price in the mid-$30 range, The Wall Street Journal reported Tuesday, citing people familiar with the matter. Shares of the company rallied more than 6% in pre-market trading.

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