Rio Tinto Makes Sweetened Full And Fair Offer Of C$40/share For Turquoise Hill
(RTTNews) - Anglo-Australian metals and mining firm Rio Tinto Plc (RTPPF.PK, RIO.L, RIO, RTNTF.PK) on Wednesday submitted an improved non-binding proposal of C$40 in cash per share to the Turquoise Hill Resources Ltd. (TRQ, TRQ.TO) Board to acquire the approximately 49% of the issued and outstanding shares of Canadian copper mine giant Turquoise Hill that Rio Tinto does not currently own.
The sweetened offer values the Turquoise Hill minority share capital at approximately $3.1 billion and represents an 18% premium to Rio Tinto's initial proposal of C$34 per share and a 56% premium to Turquoise Hill's closing share price on the Toronto Stock Exchange on March 11, 2022, the day prior to Rio Tinto's initial proposal.
On Turquoise Hill's agreement with the terms of the Improved Proposal, Rio Tinto said it is prepared to discuss appropriate further amendments to the updated financing arrangements between Turquoise Hill and Rio Tinto dated May 18, 2022, and provide Turquoise Hill with the necessary liquidity to operate through completion of the transaction. The Improved Proposal is not subject to any financing condition or due diligence.
In mid-March, Rio Tinto made a non-binding proposal worth C$34 per share or $2.7 billion in cash to the Turquoise Hill Board to acquire about 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto does not currently own. The offer was rejected in mid-August with Turquoise Hill saying Rio's offer does not fairly reflect the fundamental and long-term strategic value of the company.
Rio Tinto Stock Dips On Weak FY22 Results, Dividend Cut
NZ Dollar Advances Against Majors
Australian Dollar Rises Against Majors
European Shares Seen Mostly Lower Before US Inflation Data
Sensex, Nifty Struggle For Direction In Early Trade
Australian Market Swings To Modest Gains In Mid-market
Asian Markets Mixed Amid Caution Trades
