Turquoise Hill Resources Down After Rejecting $2.7 Bln Buyout Offer From Rio Tinto

Shares of Turquoise Hill Resources Ltd. (TRQ) are declining more than 11 percent on Monday morning trade after rejecting a buyout offer from Rio Tinto worth $2.7 billion. Rio owns 51 percent of Turquoise Hill.

The copper mine giant said Rio's offer does not fairly reflect the fundamental and long-term strategic value of the company.

Currently, shares are at $23.12, down 11.92 percent from the previous close of $26.25 on a volume of 3,786,755.

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