TRQ:CC - Turquoise Hill Resources gains as holder Pentwater buys more shares amid Rio Tinto deal

• Turquoise Hill Resources ( NYSE: TRQ ) rose 7.3% as holder Pentwater Capital purchased more shares ahead of a vote in the Rio Tinto ( NYSE: RIO ) deal next week.
• The Pentwater purchases comes as the hedge fund has been publicly opposed to the deal for Turquoise Hill ( TRQ ) even as Rio Tinto ( RIO ) has said it won't raise its bid for the miner. Pentwater appears to hold around 23.3 million shares after its latest purchase. Pentwater is the largest TRQ holder after Rio Tinto.
• On Friday influential proxy adviser ISS said Turquoise Hill ( TRQ ) holders should vote to reject the deal as takeover offer undervalues the company. The recommendation came after rival proxy adviser Glass Lewis said holders should vote in favor of the deal.
• Last month, Rio Tinto ( RIO ) offered to acquire the ~49% of Turquoise Hill ( TRQ ) shares that Rio and its affiliates do not already own for C$43/share.
• Rio Tinto warned on Tuesday it its proposal is not accepted Rio ( RIO ) said Turquoise Hill ( TRQ ) would need to contribute at least $1.1B in H1 2023 in the form of new equity through placings or rights issues, or potentially face dilution.

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