Turquoise Hill Resources Ltd (NYSE:TRQ) is trading higher Monday after Rio Tinto PLC (NYSE:RIO) proposed to acquire the company for CAD$34 ($26.66) per share in cash.
Rio Tinto currently owns about 51% of Turquoise Hill. The proposal would allow the company to acquire the approximately 49% of the issued and outstanding shares of Turquoise Hill that Rio Tinto doesn't currently own.
"The Proposed Transaction would enable Rio Tinto to work directly with the Government of Mongolia to move the Oyu Tolgoi project forward with a simpler and more efficient ownership and governance structure," said Jakob Stausholm, CEO of Rio Tinto.
Turquoise Hill is a global mining company that primarily mines copper, gold and coal in the Asia-Pacific region.
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TRQ 52-Week Range: $9.75 - $22.04
Turquoise Hill shares were up 32.3% at $26.63 at time of publication.
