That Potash CEO Bill Doyle’s hoard of stock options would play a big role in the takeover ordeal was the right thesis. But he clearly didn’t get what he hoped. It was Mr. Doyle who lobbied the Saskatchewan government to resist the BHP bid, but he clearly didn’t want the feds to declare Potash Corp. a strategic, and therefore not saleable, asset.

Now the CEO has capped the value of his options while he was clearly willing to sell at a higher price. At his age he has to be thinking about retirement. He’s doing what he can to support the price now, including a big buyback. But my guess is it slides downward in the short term. That’s usually what happens when a takeover bid is spoiled. So much for options truly aligning management interests with shareholders’.