I was able to take advantage of the BHP Billiton Limited (BHP) initial offer on Potash Corporation of Saskatchewan (POT) and sell my call for $31.00 for a 621% return in one week. The offer was rejected and now BHP is going the hostile takeover route, which has pushed the price on POT even higher. This will be a very interesting story to follow as new developments continue to occur.
In the meantime, I have purchased 1 Oct 2010 $50.00 call on X at $2.31, which is currently up in price.
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Closed out my position in X @ $4.60
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