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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rio Tinto Limited | ASX:RIO | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.25 | -0.19% | 129.51 | 128.90 | 129.50 | 129.80 | 126.275 | 128.15 | 2,023,511 | 09:50:00 |
By Rhiannon Hoyle
Turquoise Hill Resources Ltd. Monday said a special committee of independent directors found a takeover proposal from majority shareholder Rio Tinto PLC isn't in the best interest of the company or its minority shareholders.
Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia. In March, Rio Tinto made an all-cash offer to buy the shares it doesn't hold in Turquoise Hill for 34 Canadian dollars (US$26.57) each, a 32% premium to the last closing price before the offer was announced.
This proposal valued the Turquoise Hill minority share capital at roughly US$2.7 billion.
On Monday, Turquoise Hill said its special committee was terminating its review of Rio Tinto's proposal, which it said "does not fully and fairly reflect the fundamental and long-term strategic value of the company's majority ownership of the Oyu Tolgoi project."
Preliminary indications of value conducted by TD Securities found Rio Tinto's offer "was well below a range of values implied by TD's preliminary analysis," Turquoise Hill said.
"Engagement between the parties has not resulted in a consensus on value and price or in any improved proposal from Rio Tinto," it said.
Rio Tinto couldn't immediately be reached for comment.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
August 15, 2022 01:09 ET (05:09 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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