Pentwater described Rio Tinto’s US$3.3\u002Dbillion offer for Turquoise Hill\u0027s remaining shares as \u0027significantly undervalued.\u0027 Read more.
The private investment firm, which described Rio’s US$3.3-billion offer for the remaining shares of Turquoise as “significantly undervalued,” said that it purchased about 2.5 million common shares of Turquoise Hill at $41.01 per share, increasing its ownership by about 1.2 per cent to about 13.8 per cent.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The deal requires approval from two-thirds of Turquoise’s shareholders, including Rio. It also requires a simple majority of the votes cast by Turquoise’s minority shareholders, which includes Pentwater. Another minority shareholder, SailingStone Capital Partners LLC, which owns about 2.2 per cent of Turquoise, also said that it wouldA source close to the deal, however, said the statements from the two investors were not unexpected considering that they had voiced their concerns on the previous offers as well. With the vote expected to take place in the fourth quarter of this year, a lot will depend on the other minority shareholders.
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