UPDATE: Ivanhoe Slides 12.5% After Rio Tinto Tables Buy-Out Bid
Ivanhoe Mines (IVN.TO,IVN) is down 12.5% this morning after Rio Tinto said it is unlikely to pursue a take-over bid of the company, despite winning an arbitration decision siding with the large diversified miner to overturn Ivanhoe's shareholder rights plan, allowing Rio to purchase additional shares in the company.
In a statement, however, Rio said at this time it has no intention of making a full takeover bid for Ivanhoe's shares,' later adding that it "reserves the right to change its intention in the future."
Rio currently owns 49% of Ivanhoe stock.
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