Turquoise Hill (TRQ) Acknowledges Privatization Proposal Received from Rio Tinto

  • March 14, 2022


StockTurquoise Hill Resources Ltd.SymbolTRQ
Date Announced03/14/2022Source Press Release
TypeUnsolicited BidAcquiring Company/Person Rio Tinto
Date of Confirmation: 09/01/2022Price at Confirmation: $27.47
Potential Profit: 3.47%Annualized Profit: 7.40%

Turquoise Hill Resources Ltd. (TRQ) acknowledged receipt of a non-binding proposal from Rio Tinto International Holdings Ltd., 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 for cash consideration of C$34.00 per share.


March 18, 2022: Activist investor Pentwater Capital Management, the largest minority shareholder of Canada’s Turquoise Hill (TRQ) with a 10% stake, has rejected a $2.7 billion bid for the copper producer by Rio Tinto as too low.

April 7, 2022: In response to the Proposal, Turquoise Hill’s (TRQ) board of directors formed a Special Committee of independent directors comprised of Maryse Saint-Laurent (Chair), George Burns, Peter Gillin and Russel Robertson.

August 15, 2022: The Special Committee of independent directors of Turquoise Hill Resources (TRQ) reports that it has advised Rio Tinto International that the Special Committee is terminating its review and consideration of Rio Tinto’s proposal to acquire all of the outstanding common shares of the company it does not own for cash consideration of C$34 per share.

August 24, 2022: Miner Rio Tinto (RIO), raised its offer to buy about 49% of Canada’s Turquoise Hill Resources (TRQ) it does not already own to $3.1 billion.

September 5, 2022: Rio Tinto has entered into a binding agreement to acquire all of the remaining shares of Turquoise Hill Resources Ltd (TRQ) that Rio Tinto does not currently own. The Transaction delivers significant value to Turquoise Hill minority shareholders with the certainty of an all-cash offer of C$43 per share, which is Rio Tinto’s best and final offer. This represents a premium of 67% to Turquoise Hill’s closing price of C$25.68 per share on 11 March 2022

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