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Shares of Turquoise Hill Resources (NYSE: TRQ) surged 31.9% on Monday after the mining company received a takeover bid from Rio Tinto (NYSE: RIO) .
Rio Tinto is seeking to purchase the 49% of Turquoise Hill's stock that it doesn't already own. To do so, the mining titan offered to buy Turquoise Hill's remaining shares for roughly $2.7 billion in cash. The per-share offer of 34 Canadian dollars ($26.51) represents a premium of 32% to Turquoise Hill's closing price on Friday.