Cameco (CCO.TO), one of the world's largest uranium producers, has launched a C$520 million ($526 million) hostile takeover bid for Hathor Exploration (HAT.TO) after talks with the junior explorer's board failed. The offer of C$3.75 a share represents a 40 percent premium to Hathor's Thursday closing of C$2.67 and sent its shares more than 46 percent higher to C$3.90 on Friday. Cameco's shares slipped 3 percent to C$21.37 on the Toronto Stock Exchange. "Our proposal maximizes value for Hathor shareholders by providing a cash deal at an attractive price," said Cameco Chief Executive Tim Gitzel in a conference call with investors. "This acquisition, which is in our backyard, is a logical addition to our existing assets."
Shares of CCO traded higher by 2.64% or $0.29/share to $11.29. In the past year, the shares have traded as low as $9.31 and as high as $15.47. On average, 198340 shares of CCO exchange hands on a given day and today's volume is recorded at 126113.
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