Potash Corporation of Saskatchewan v. BHP

Analysis Group was retained by counsel for BHP Billiton in litigation surrounding its $38 billion takeover bid for Potash Corporation of Saskatchewan (PCS). PCS sued BHP Billiton, claiming that BHP Billiton’s bid was coercive and violated the Williams Act by not providing PCS investors with accurate information with which to evaluate the offer. Analysis Group supported Professor Thomas Lys of Kellogg School of Management at Northwestern University who evaluated PCS’ claims and analyzed the market reaction to BHP Billiton’s bid against a sample of comparable hostile bids and found that there was no economic rationale to justify that BHP Billiton’s bid was coercive.