CA - Rio Tinto's go-private proposal for Turquoise Hill wins Glass Lewis support

Turquoise Hill ( NYSE: TRQ ) said Wednesday that proxy advisor Glass Lewis has recommended the company's shareholders vote in favor of Rio Tinto's ( NYSE: RIO ) offer to acquire the ~49% of Turquoise Hill shares that Rio Tinto and its affiliates do not already own for C$43/share.

In its recommendation, Glass Lewis said Turquoise Hill's ( TRQ ) standalone case could be "reasonably viewed as carrying a relatively elevated risk profile," and the proxy advisor is "inclined to believe that Rio Tinto's current offer represents a reasonable exit price and a compelling market premium for minority shareholders, on balance."

SailingStone Capital Partners, Turquoise Hill's ( TRQ ) fifth largest shareholder, said recently it will vote against Rio Tinto's ( RIO ) offer, and Pentwater Capital Management also has argued that Rio's bid undervalues Turquoise Hill .

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