POTENTIAL DEAL DETAILS
|Stock||Turquoise Hill Resources Ltd.||Symbol||TRQ|
|Date Announced||03/14/2022||Source||Press Release|
|Type||Unsolicited Bid||Acquiring Company/Person||Rio Tinto|
|Date of Confirmation:||09/01/2022||Price 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.
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
Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.