Turquoise Hill Acknowledges Privatization Proposal Received from Rio Tinto
March 14 2022 - 07:30AM
PR Newswire (Canada)
MONTREAL, March 14, 2022 /CNW/ - Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") today acknowledged receipt of a non-binding proposal from Rio Tinto International Holdings Ltd. ("Rio Tinto"), which Rio Tinto has separately announced by press release issued earlier today, outlining its proposal to acquire the approximately 49% of the outstanding shares of Turquoise Hill held by the Company's minority shareholders (approximately 99 million common shares) for cash consideration of C$34.00 per share. Rio Tinto has stated that its proposal is conditional on, among other things, Turquoise Hill not raising additional equity capital, including through a rights offering, bought deal or other share placement, pending completion of the proposed transaction. The Rio Tinto proposal does not amend the terms of the amended and restated Heads of Agreement entered into by Turquoise Hill and Rio Tinto on January 24, 2022 which establishes a binding funding plan for the completion of the Oyu Tolgoi underground mine.
Turquoise Hill (CNW Group/Turquoise Hill Resources Ltd.)
The board of directors of the Company will be establishing a special committee of independent directors to review and consider Rio Tinto's proposal. Turquoise Hill shareholders do not need to take any action with respect to the proposal at this time.
May our up days be many and the down days few.
Fada cónaigh agus brabach.
