Australian mining giant BHP Billiton (ASX: BHP, NYSE: BHP) announced that it will acquire Gushers Portfolio holding Petrohawk Energy Corp (NYSE: HK) in a deal worth $12.1 billion in cash, or $38.75 per share. That’s a roughly 63 percent premium to yesterday’s closing price.

Although we downgraded the stock to a hold in light of our bearish outlook for US natural gas prices, we didn’t jettison the position from the model Portfolios because of the company’s assets in the liquids-rich Eagle Ford Shale, one of the hottest unconventional plays in the US. We also identified Petrohawk Energy as one of our top 10 takeover candidates for 2010.

That foresight has paid off. Sell Petrohawk Energy Corp and book a 92 percent gain from May 10, 2010, when we added the stock to the Gushers Portfolio.