A winter scene at Hathor Exploration's Roughrider drill camp in the Athabasca Basin of northern Saskatchewan.
(Photo courtesy of Hathor Exploration)
From late August through mid-November
2011, Rio Tinto and Cameco engaged in
competitive bidding for Hathor Exploration,
a Canadian uranium exploration company
with uranium properties in the Athabasca
Basin of northern Saskatchewan. Rio Tinto
prevailed with an all-cash offer made on
November 17 to acquire all outstanding
Hathor common shares for C$4.70/share,
valuing Hathor at about C$654 million. On
November 28, Cameco announced it
would not increase or extend its November
11 offer of C$4.50/Hathor share. Rio Tinto
followed the Cameco announcement with
an announcement of its own, urging Hathor
shareholders to promptly tender their
shares to its C$4.70/share offer.
Earlier, Rio Tinto had offered C$4.15/
share on October 19, and Cameco had
offered C$3.75/share on August 26. On
September 14, Hathor's board unanimous-ly recommended that its shareholders reject
the initial Cameco offer because the offer
had been made prior to Hathor's planned
release of a preliminary economic assess-ment for its Roughrider uranium deposit.
As featured in Womp 2011 Vol 10 - www.womp-int.com