Turquoise Hill (TRQ) reiterated that Rio Tinto (RIO) offer "significantly undervalues" the miner and the hedge fund is evaluating its options including the exercise of dissent rights as well as potential legal actions against Rio Tinto (RIO) and Turquoise Hill, according to a 13D filing. Pentwater now own 23.5 million shares of TRQ, or 11.67% stake in the miner. Pentwater is the second largest holder of Turquoise Hill after Rio Tinto, which already owns more than 50% of TRQ.
The Pentwater comments also follow after Turquoise (TRQ) holder SailingStone Capital earlier this month said it doesn't support Rio Tinto's offer for the company. SailingStone has a 2.1% stake in TRQ.
Rio Tinto CEO Jakob Stausholm said in a statement last Monday when TRQ agreed to the revised bid that there would be no further price increases.
" After extensive negotiations, the terms of the transaction are final and there will be no further price increase," Stausholm said in the statement.