LONDON (dpa-AFX) - SailingStone Capital Partners, owner of Turquoise Hill Resources Ltd. (TRQ.TO, TRQ), has applauded the decision of the Turquoise Hill Special Committee to reject Rio Tinto's offer to acquire the minorities' stake in Turquoise Hill for C$34/share. SailingStone stated that the proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi. Rio Tinto's opportunistic bid did not compensate TRQ minority shareholders adequately, SailingStone noted.
'While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34/share, and we agree with that conclusion,' SailingStone said.
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