Turquoise Hill shareholders approve $4.24 billion Rio Tinto takeover deal
The Canadian PressIndustry Operations Resource Sector
MONTREAL (CP) – Turquoise Hill Resources Ltd. shareholders have given their support to a $4.24 billion takeover offer by Rio Tinto Group.
The Montreal-based mining company says 60.5 per cent of minority shareholders voted in favour of the deal and overall, the agreement got 87 per cent support.
The arrangement required the approval of a little more than 66 per cent of votes cast by the shareholders, including Rio Tinto, and the approval of a simple majority of the votes cast by minority shareholders, excluding Rio Tinto and its affiliates.
Investors holding roughly 17.5 per cent of all outstanding shares dissented.
Under the deal, Rio Tinto International Holdings Limited would acquire about 49 per cent of Turquoise Hill shares Rio Tinto and its affiliates do not currently own for $43 per share.
Following the filing of an application to approve the deal in a Yukon court on Dec. 14, Turquoise Hill expects the deal to be complete on Dec. 16.