Turquoise Hill delays shareholder meet on $3.3 billion Rio Tinto buyout
Reuters
Published Nov 01, 2022 11:52AM ET
(Reuters) - Canadian miner Turquoise Hill Resources (NYSE:TRQ) Ltd said on Tuesday it would delay by a week to Nov. 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto (NYSE:RIO) Plc following a request from the mining giant.
Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66% stake in Oyu Tolgoi in Mongolia, the world's largest known copper and gold deposits.
Rio raised its offer to C$43-per-share but still faces opposition from multiple parties including Turquoise Hill's second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS).
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Written By: Reuters
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