The boards of Rio Tinto and Rio Tinto Ltd promptly analyzed and rejected a pre-conditonal offer made on Feb. 6, by BHP Billiton of 3.4 BHP Billiton shares for each Rio Tinto share. BHP Billitons pre-conditional offers were not serving the best interests of shareholders, Rio Tinto said in an announcement. It said the offers significantly undervalued Rio Tinto. Paul Skinner, Rio Tinto's chairman, said, "Our plans are unchanged, and will remain so unless a proposal is made that fully reflects the value of Rio Tinto."
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