Hathor Exploration (HAT.TO) said on Monday a takeover offer from Canada's No 1 uranium producer, Cameco Corp (CCO.TO), is "opportunistic" and that shareholders should not do anything until its board has reviewed the bid. Cameco said on Friday it was planning a C$520 million ($532 million) hostile bid for the uranium exploration company after talks aimed at a friendly deal failed. At stake is Hathor's Roughrider deposit, a uranium project located near Cameco's Rabbit Lake mill in the Athabasca Basin of the western Canadian province of Saskatchewan. "The offer from Cameco is opportunistic, leveraging the market capitalization setback in this industry post-Fukushima," Hathor said in a press release, referring to the nuclear accident at the Fukushima-Daiichi power plant in northeast Japan following the March earthquake and tsunami there.
Shares of CCO traded higher by 4.98% or $0.56/share to $11.80. In the past year, the shares have traded as low as $9.31 and as high as $15.47. On average, 200291 shares of CCO exchange hands on a given day and today's volume is recorded at 187696.
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