Turquoise Hill Special Committee Finds Rio Tinto Privatization Proposal Does Not Reflect Full and Fair Value of Company | Company
MONTREAL–(BUSINESS WIRE)–August 15, 2022–
The special committee of independent directors of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill” or the “Company”) reports that it has advised Rio Tinto International Holdings Limited (“Rio Tinto”) that the Special Committee is terminating its review and review of Rio Tinto’s proposal to acquire all of the outstanding common shares of the Company that it does not own for cash consideration of C$34 per share (the “Rio Tinto Proposal”). The Special Committee has concluded, in consultation with its financial advisor, BMO Capital Markets, that Rio Tinto’s offer price of C$34 per share does not fully and fairly reflect the fundamental and long-term strategic value of the equity interest. majority stake in the Oyu Tolgoi project. In addition, the Special Committee noted that:
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