Referenced Stocks

Turquoise Hill Resources and Chalco Nix Takeover Bid; Turquoise Up 3%

By Midnight Trader,  September 04, 2012, 01:50:33 PM EDT

Turquoise Hill Resources ( TRQ ) is up 3% at $8.31 after the international mineral exploration and development company today announced the termination of the lock-up agreement entered into with Aluminum Corp. of China Ltd. on April 1, 2012, pursuant to which TRQ agreed to tender its shares in SouthGobi Resources Ltd. (SGQ.V) - which trades on the smaller TSXV equity market in Canada - into a proportional takeover offer to be made by Chalco for up to 60%, but not less than 56%, of the shares in SouthGobi.

Both TRQ and Chalco have concluded that the proposed transaction has minimal prospect of obtaining the necessary regulatory approvals within an acceptable timeframe.

TRQ trades in a 52-week range of $7.60 - $23.08. Shares have increased 8% in the last 12 months.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: TRQ



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