Western Copper and Gold Corp T.WRN

ISS recommends against Rio deal !

[Marine2]

What does this mean for the value of WRN's Carino project ??

Rio Tinto reiterates $3.3bn offer for Turquoise Hill after ISS recommends against deal

25TH OCTOBER 2022 

 

 

Rio Tinto reiterated its offer to buy out Canadian miner Turquoise Hill Resources for $3.3-billion, a day after proxy advisor Institutional Shareholder Services(ISS) recommended voting against the deal.

In a letter addressed to Turquoise Hill shareholders, Rio Tinto said ISS's final conclusion is based on "flawed logic".

Rio agreed last month to buy the 49% Turquoise Hill stake it does not already own for a "best and final" proposal of C$43 per share, after raising its offer twice, as the mining giant sought a 66% stake in Oyu Tolgoi in Mongolia, the world's largest known copper and gold deposits.

ISS on Monday had recommended Turquoise Hill shareholders to vote "against" the deal, joining the Canadian miner's second-largest shareholder, Pentwater Capital Management, in saying "the offer does not represent a suitable value for shareholders".

Turquoise Hill's shares were down 1.5% at C$37.59. 

 

EDITED BY: REUTERS

[GardenManman]

right now, Rio can pay 1B to takeover Wrn. Tell Turquoise Hill shareholders: see. I have a huge Backlot copper& gold project now. Maybe I don't need to hurry get Turquoise Hill.So you guys continue to wait good suitor. Then Turquoise Hill will make a discount offer to Rio. Finally Rio get 2 projects with discount price.