Giant RioTinto has sweetened its takeover offer for TurquoiseHillRe, upping its offer to C$40 a share copper mining acquisition resources criticalminerals
PERTH – Mining major Rio Tinto has increased its takeover offer for TSX- and NYSE-listed Turquoise Hill from C$34 a share to C$40 a share to acquire the remaining 49% interest in the company it does not already own.
Rio said on Thursday that the increased offer provided an 18% premium to the company’s last takeover offer, and a 56% premium to Turquoise Hill’s last closing price on the TSX prior to the initial proposal.
The improved offer is subject to the same conditions as Rio’s initial offer, including the full support of the Turquoise Hill Special Committee, shareholder approval, and Turquoise Hill not raising additional equity capital. On Turquoise Hill’s agreement with the terms of the improved proposal, Rio said that it was prepared to discuss appropriate further amendments to the updated financing arrangements between Turquoise Hill and Rio, and to provide Turquoise Hill with the necessary liquidity to operate through completion of the transaction.
Turquoise Hill on Thursday said that the company’s board of directors was currently considering the increased offer.
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