TRQ:CC - Turquoise Hill again postpones special meeting on Rio Tinto deal

Turquoise Hill Resources ( NYSE: TRQ ) postponed the special meeting of its holders to vote on Rio Tinto's ( NYSE: RIO ) takeover until next Tuesday.

The postponement is at the request of Rio Tinto. Rio Tinto ( RIO ) has advised Turquoise Hill ( TR ) that it's making the request for a postponement at the request of the Autorité des marchés financiers. Rio Tinto is engaged in talks with TRQ's special committee of independent directors and the AMF with respect to dissent rights, according to a statement late Sunday.

The deadline to vote on the proxy was extended until 10:30 am on Nov. 11 and the deadline for registered shareholders to file notices of dissent was extended to 4:00 p.m. the same day.

The latest postponement comes after Turquoise Hill ( TRQ ) reached an agreement with some shareholders who had publicly opposed the C$43/share sale. Pentwater Capital, the largest holder of Turquoise Hill after Rio Tinto, and SailingStone Capital, agreed to withhold their votes at the holder meeting. The investors will withhold their votes and exercise their dissent rights.

On Friday a former chairman of the Ontario Securities Commission told the Globe & Mail that he believed the Rio Tinto agreement made with some dissent Turquoise Hill holders is illegal under Canadian law and he sees a good probability the regulator could halt the deal. He believes the regulator may at least delay the transaction until it can review it.

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