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  "notes": "Uses a list of red-flagged governance and management issues to build a case against the board's decision-making.",
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      "text": "Landmark illustrates the need for independent directors with experience in distribution to provide proper oversight and protect shareholders from reckless deployment of capital and poorly conceived acquisitions",
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      "text": "Landmark operations and synergy realization – which is already behind plan – will remain a management drain",
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      "text": "On August 17, Agrium signed a confidentiality agreement with AWB Landmark, and just 3 days later on August 20 an all cash deal was announced",
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      "text": "Controls: Agrium's public Retail EBITDA targets and Retail compensation programs incentivize Retail management to grow EBITDA and pursue M&A at any price",
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      "text": "On August 14, 2010, following the announced merger of AWB Landmark with GrainCorp, Agrium offered to acquire AWB Landmark and cited the need for only limited due diligence",
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      "text": "Others have had very limited success with the added value service model in Australia... the house brand road is littered with casualties",
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      "text": "Others have very limited success with the added value service model in Australia, and it is difficult to see why Agrium will do any better. And the house brand road is littered with casualties — Business Spectator, 10/3/10 (commenting upon Agrium's announced acquisition of AWB Landmark)",
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