A vote on Rio Tinto\u0027s attempt to take full control of Turquoise Hill was postponed again after Quebec\u0027s regulator stepped in. Read on.
it has postponed the vote to Nov. 15 from Nov. 8, because Autorité des marchés financiers is in discussions with Rio Tinto regarding the “dissent rights and procedures available to holders of minority shares.”Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
In this case, investment firms Pentwater Capital Management LP and SailingStone Capital Partners LLC, which own about 15.14 per cent and 2.2 per cent of Turquoise Hill, respectively, had previously said Rio Tinto’s $43-per-share offer, which amounts to US$3.3 billion, was significantly undervalued.to Nov. 8, Rio Tinto said those two shareholders agreed to withhold their votes and exercise their dissent rights instead.
Rio Tinto also agreed to increase the number of dissenting shares allowed to 17.5 per cent of Turquoise Hill shares, from 12.5 per cent. If the deal closes on Nov. 15, both Pentwater and SailingStone will initially receive $34.40 for each of their shares, with the remaining amount to be paid once dissent proceedings are finalized by arbitration.to purchase the 49 per cent of Turquoise Hill it doesn’t already own after previous bids of $34 and $40 per share were rejected.
The deal requires approval from two-thirds of Turquoise Hill shareholders, including Rio Tinto. It also requires a simple majority of the votes cast by Turquoise Hill’s minority shareholders, which include Pentwater and SailingStone.Article content
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Rio Tinto's takeover of Turquoise Hill postponed again as Quebec regulator steps inA vote on Rio Tinto\u0027s attempt to take full control of Turquoise Hill was postponed again after Quebec\u0027s regulator stepped in. Read on.
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