TRQ - Turquoise Hill holder Pentwater said it doesn't plan to vote for sale to Rio Tinto

Turquoise Hill Resources ( NYSE: TRQ ) holder Pentwater Capital said it doesn't plan to vote in favor of Rio Tinto's( NYSE: RIO ) C$43/share bid for the remainder of the miner it doesn't already own.

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 filing comes after Pentwater on Friday said it doesn't support the C$43/share bid for Turquoise Hill ( TRQ ) and is evaluating its options on what to do next.

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 t hat 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.

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