Turquoise Hill Says Rio Tinto's Privatization Proposal Does Not Reflect Full & Fair Value

The Special Committee of independent directors of Turquoise Hill Resources Ltd. (TRQ.TO) found Rio Tinto's privatization proposal did not reflect full & fair value of the company.

The Special Committee has terminated its review and consideration of Rio Tinto's proposal to acquire all of the outstanding common shares of the Company it does not own for cash consideration of C$34 per share, Turquoise Hill said in a statement.

Turquoise noted that its special committee concluded that the Rio Tinto's offer price does not fully and fairly reflect the fundamental and long-term strategic value of Turquoise's majority ownership of the Oyu Tolgoi project.

Turquoise stated that its Special Committee will now concentrate on the other major elements of its mandate and support company management in raising at least US$650 million in new equity by year-end as required under funding agreement with Rio Tinto.

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