Saskatchewan's PotashCorp announced on Tuesday they have received and unanimously rejected an unsolicited takeover bid from BHP Billiton.

 

They accuse the Australian-based mining giant of undervaluing the company, and PotashCorp's CEO publicly said the $38.6 billion offer was an attempt to steal the company from investors.

 

Premier Brad Wall even weighed in on the news:

 

 

PotashCorp was established in 1975 as a Crown Corporation and was privatized in 1989.