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Turquoise Hill Resources, a mineral exploration and development company, said its special committee terminated a review of Rio Tinto's offer to buy the 49% stake for $2.7bn as it did not reflect the Canadian company's full and fair value.
The committee determined that Rio's offer of $26.57 per share was not in the best interest of Turquoise Hill or its minority shareholders,?Reuters?reported.
"Rio Tinto remains as committed as ever to the long-term success of Oyu Tolgoi. While we are disappointed by this decision, we will continue to work constructively with the Board of Turquoise Hill to advance the Oyu Tolgoi project," Bold Baatar, Rio Tinto Chief Executive Copper.
Turquoise Hill Resources is advised by BMO Capital Markets, TD Securities and Blake Cassels & Graydon. Rio Tinto is advised by Credit Suisse, RBC Capital Markets, Rothschild & Co, McCarthy Tetrault and Sullivan & Cromwell.
Endeavor, an American holding company for talent and media agencies, completed the acquisition of a majority stake in Barrett-Jackson, the premier collector car auction and live events company, for $262m.
"We have long been admirers of Barrett-Jackson and have seen first-hand the scale, excitement and 50 years of tradition surrounding their events. Like IMG, Barrett-Jackson is a pioneer of its industry, and we look forward to working with Craig and his team to build on its impressive legacy across categories including experiences, hospitality, content, marketing and partnerships," Ariel Emanuel, Endeavor CEO.
Barrett-Jackson is advised by Moelis & Co, DLA Piper, Eisner and Perkins Coie. Endeavor is advised by Latham & Watkins.
Bluescape Clean Fuels, a supplier of gasoline derived from renewable feedstocks, agreed to go public via merger with CENAQ Energy, a special purpose acquisition company focused on energy and energy transition, in a $280m deal.
"We are excited to combine with CENAQ to create Verde Clean Fuels. BCF's product is a proven "drop in" replacement for hydrocarbon-based gasoline and provides significant environmental and economic advantages as compared to traditional gasoline. This combination will not only provide the funding for BCF's planned growth, but also the opportunity to leverage the capital markets experience and management expertise of CENAQ's sponsor group, to create a leading provider of renewable gasoline to the North American markets," Ernest B. Miller, BCF CEO.
CENAQ Energy is advised by Imperial Capital and Vinson & Elkins. Imperial Capital is advised by Baker Botts. BCF is advised by Kirkland & Ellis.
Thoma Bravo, an American private equity and growth capital firm, offered to acquire Nearmap, an Australian aerial imagery technology and location data company, for $755m.
Nearmap, whose offerings are used in surveillance, architecture, engineering and construction, said it had received several other expressions of interest, but none of them was considered to be in the best interest of shareholders.
Nearmap is advised by?Citigroup, DLA Piper and Citadel Magnus.
Unity Software rejected an unsolicited proposal to merge with AppLovin in an all-stock deal, keeping it on track to buy competitor IronSource,?Bloomberg?reported.
The AppLovin proposal, valued at about $20bn when offered August 9, would not reasonably be expected to result in a “superior proposal,” the Unity board said in a statement.
Unity Technologies is advised by Goldman Sachs, Morgan Stanley, Herzog Fox & Neeman, Morrison & Foerster,?Richards Layton and Finger and Joele Frank. AppLovin is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati.
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