https://www.theglobeandmail.com/
Turquoise Hill Resources Ltd. is indefinitely postponing the shareholder vote on the proposed $4.2-billion takeover of the company by Rio Tinto PLC as Quebec’s top securities regulator, the Autorité des marchés financier (AMF), studies whether a backdoor deal Rio cut with dissident shareholders is legal.
“The AMF considers the transaction as currently structured to raise public interest concerns,” Montreal-based Turquoise Hill said in a release on Wednesday.
The development casts a whole new layer of uncertainty over a huge mining takeover that has captivated the industry and caused turmoil for merger and arbitrage traders on both sides of the Atlantic.
Rio already owns 51 per cent of Turquoise Hill and has control over several board seats. The giant Anglo-Australian miner is offering to buy the 49 per cent it doesn’t already own.
For the rest of this article: https://www.theglobeandmail.com/business/article-turquoise-hill-rio-tinto-acquisition-delay/