Saying the parameters for gathering information for the discovery phase of a motion by Potash Corporation (NYSE:POT) to halt the attempt by BHP (NYSE:BHP) to take over the company is too broad, Judge David Coar extended the hearing date to November 4.
BHP responded saying, "We are gratified that the court made clear that the Potash Corp. discovery proposals are excessively broad. We believe the case is without merit and we intend to contest it vigorously, including by filing a motion to dismiss later this week."
While allowing a request for discovery to go forward, the judge gave the responsibility for narrowing the parameters of discovery to a federal magistrate.
The judge evidently took into consideration the expiration date of the offer from BHP, where they've given Potash shareholders until November 18 to tender their shares. Otherwise they may have had to extend their expiration deadline to compensate for it.
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