By Adriano Marchese
Turquoise Hill Resources Ltd. said Monday it will establish a special committee to review Rio Tinto PLC's offer to acquire the remaining 49% of the company.
The Canadian miner said the committee will comprise independent directors, who will review and consider the proposal.
Earlier on Monday, the U.K. miner offered a premium of 34 Canadian dollars (US$26.68) in cash a share for Turquoise Hill, which would value Turquoise Hill's minority share capital at around $2.7 billion.
Turquoise Hill is a mining company focused on the operation and development of the Oyu Tolgoi copper-gold mine in Mongolia, in which it holds a 66% interest, with a Mongolian state-owned entity owning the remainder.
Write to Adriano Marchese at adriano.marchese@wsj.com
Corrections and Amplifications
This was corrected at 10:12 a.m. ET because it incorrectly said Turquoise Hill Resources Ltd. was valued at $2.7 billion. Rio Tinto's offer values Turquoise Hill's minority share capital at around $2.7 billion.
(END) Dow Jones Newswires
03-14-22 0806ET