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      "text": "The monetary consideration that, in an open and unrestricted market, a prudent and informed buyer would pay to a prudent and informed seller, each acting at arm's length with the other and under no compulsion to act",
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      "text": "MI 61-101 requires the Valuator to determine the \"en bloc\" value that an acquiror of 100% of Turquoise Hill would be expected to pay in an open auction",
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      "text": "The Valuator must consider any distinctive material benefit that might accrue to an interested party as a consequence of the Transaction: Synergies; Tax benefits; Other",
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      "text": "The Valuator must also consider any prior Valuations and any bona fide offers made for Turquoise Hill in the past 24 months",
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      "text": "No downward adjustment to fair market value is permitted to reflect: Liquidity of the securities; Effect of the Transaction on the securities; The fact that the securities do not form part of a controlling interest",
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      "text": "Under MI 61-101, Fair Market Value is defined as",
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      "text": "Source: Ontario Securities Commission",
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