Rio Tinto has now entered into a binding agreement to acquire all of the remaining shares ofTurquoise Hill Resources Ltd that it does not currently own. The Independent Directors ofTurquoise Hill unanimously recommended that Turquoise Hill minority shareholders vote infavour of the Transaction and, together with senior officers of Turquoise Hill, have enteredinto voting support agreements with respect to all of the Turquoise Hill shares they own orcontrol. Under the agreement, Rio Tinto will acquire the remaining 49% of shares at C$43per share. The definitive agreement is a 36% increase from the initial March offer when RioTinto valued the single-asset company at C$34 per share. The new cost of the deal is valuedat US$3.3 B, and gives shareholders a 67% premium on Turquoise Hill’s closing price beforethe initial offer was made.
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