Uranium producer Cameco (CCO.TO) plans a C$520 million ($526 million) hostile takeover bid for Hathor Exploration (HAT.TO) after talks aimed at a friendly deal with the junior uranium explorer failed. Canada's largest uranium producer said on Friday it would offer C$3.75 a share for Hathor, a 40 percent premium on its Thursday close of C$2.67. The announcement sent Hathor's shares more than 45 percent higher on Friday to close at C$3.88, though analysts said a bidding war for Hathor was unlikely. That's because Hathor's main asset, the Roughrider uranium deposit in Saskatchewan, is located about 25 kilometers northwest of Cameco's Rabbit Lake mill, which is currently operating at about half capacity.
Shares of CCO traded higher by 2.18% or $0.24/share to $11.24. 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 262386.
Source
