Rio, which already owns 51 per cent of Quebec-based Turquoise Hill, offered to buy the rest of the company for $34 per share, which it said represented a premium of 32 per cent to the company’s closing price of $25.68 on March 11.
Turquoise, which had formed a special committee of independent directors to assess the offer, said that it was “way below” the range of values given by Toronto-Dominion Bank’s TD Securities, the committee’s independent valuator. Turquoise added that it and Rio failed to come to consensus on other prices despite further discussions.Article content
Turquoise runs the Oyu Tolgoi mine in Mongolia, which it says is one of the world’s largest new copper-gold mines. Through five mineralized deposits, the mine, which started operating in 2013, has the potential to run for about 100 years, the company says. Turquoise owns 66 per cent of the mine and the Mongolian government owns the rest.Article content
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Turquoise Hill rejects Rio Tinto's US$2.7B buyout offer - BNN BloombergRio Tinto Group’s US$2.7 billion offer to buy out Turquoise Hill Resources has been rejected, blocking its efforts to gain greater control of a giant copper mine it’s developing in Mongolia.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Turquoise Hill shares fall after Quebec miner rejects Rio Tinto's $2.7-billion takeover attemptRio, which already owns 51 per cent of Quebec\u002Dbased Turquoise Hill, offered to buy the rest of the company for $34 per share. Find out more.
Source: fpinvesting - 🏆 43. / 63 Read more »
Ruto pulls ahead in Kenya’s presidential vote count as tempers frayOfficial verified results reported by the Nation media group showed Ruto taking 51 per cent of the vote, ahead of left-leaning opposition leader Raila Odinga who had 48 per cent
Source: globeandmail - 🏆 5. / 92 Read more »
Toronto highway closures for planned roadwork (Aug. 11)Avoid gridlock before it occurs: The Ministry of Transportation has scheduled 51 closures in Toronto on Aug. 11 for roadwork on Highway 400, Highway 4...
Source: TorontoStar - 🏆 60. / 55 Read more »
Turquoise Hill shares fall after Quebec miner rejects Rio Tinto's $2.7-billion takeover attemptRio, which already owns 51 per cent of Quebec\u002Dbased Turquoise Hill, offered to buy the rest of the company for $34 per share. Find out more.
Source: fpinvesting - 🏆 43. / 63 Read more »
Turquoise Hill rejects Rio Tinto's US$2.7B buyout offer - BNN BloombergRio Tinto Group’s US$2.7 billion offer to buy out Turquoise Hill Resources has been rejected, blocking its efforts to gain greater control of a giant copper mine it’s developing in Mongolia.
Source: BNNBloomberg - 🏆 83. / 50 Read more »