Turquoise Turns Down Rio Tinto's Acquisition Proposal

Anglo-Australian metals and mining firm Rio Tinto Plc (RTPPF.PK,RIO.L,RIO,RTNTF.PK), on Monday reaffirmed its proposal to buy Turquoise Hill Resources for C$34 per Canadian miner's share.

While Turquoise Hill rejected the acquisition proposal, Rio Tinto believes the offering is still compelling.

Rio Tinto had made its proposal on 14 March that would have valued the Turquoise Hill minority share capital at around $2.7 billion.

Rio Tinto continues to expect that the proposed transaction could deliver compelling value for Turquoise Hill minority shareholders and provide the certainty of an all-cash offer at a premium of 32 percent to Turquoise Hill's closing price of C$25.68 per share on March 11, and 78 percent to Turquoise Hill's closing price of C$19.12 per share on January 24.

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