ISS Sides With Top Turquoise Hill Investors in Dismissing Rio Takeover
- Shareholder advisory firm says deal support ‘not warranted’
- Position is contrary to Glass Lewis’s urging to back deal
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Institutional Shareholder Services Inc. is urging investors of Turquoise Hill Resources Ltd. to reject Rio Tinto Group’s proposed takeover -- siding with criticisms from top shareholders that the deal undervalues the company behind one of the world’s biggest copper mines.
ISS recommended Turquoise Hill shareholders vote against Rio’s cash offer to acquire 49% of the stock it doesn’t own for C$43 a share, the firm said Friday in a report. The deal values the stake in the Montreal-based miner at about C$4.24 billion ($3.1 billion).