Rio said that senior officers of Turquoise Hill have entered into voting support agreements with respect to all of the Turquoise Hill shares they own or control.
“After extensive negotiations, the terms of the transaction are final and there will be no further price increase,” Rio Tinto’s chief executive Jakob Stausholm said in the statement.
The final offer represents a 67% premium from Turquoise Hill’s closing price of C$25.68 a share on March 11, the trading day prior to Rio Tinto’s initial proposal.
“[The transaction] brings the financial certainty necessary to ensure the Oyu Tolgoi project can be developed without having to ask minority shareholders to contribute further significant funds,” added Rio Tinto Copper boss, Bold Baatar.
The two companies also agreed to amend financing arrangements to help the Turquoise Hill address near-term liquidity, including increasing a May advance facility to $650…
