Activist investor Pentwater Capital Management, the largest minority shareholder of Canada's Turquoise Hill TRQ.TO with a 10% stake, has rejected a $2.7 billion bid for the copper producer by Rio Tinto as too low.
Anglo-Australian Rio Tinto (RIO) , RIO.L on Monday proposed to buy out the 49% minority shareholders in Turquoise Hill for about $2.7 billion in cash, paving the way for direct ownership of a massive copper-gold mining project in Mongolia.
"It is highly improbable that Rio will be successful at its current bid price and equally improbable that Turquoise Hill shares will ever fall back to the levels they traded at prior to Rio's offer," the investor said in a letter to Turquoise Hill's independent directors seen by Reuters on Friday.
News: RIO Turquoise Hill investor Pentwater says $2.7 bln Rio bid too low -letter
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Last
$114.24 |
Change
-0.330(0.29%) |
Mkt cap ! $42.40B | |||
| Open | High | Low | Value | Volume |
| $114.30 | $115.11 | $113.64 | $105.3M | 921.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 100 | $114.18 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $114.24 | 416 | 1 |
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| Last trade - 16.11pm 11/09/2025 (20 minute delay) ? |
| RIO (ASX) Chart |