Hathor Exploration (HAT.TO) might have trouble finding a white knight to rescue it from the clutches of Cameco Corp, the uranium giant whose C$520 million ($530 million) hostile offer stands a much better chance of succeeding than any foreign bid. Cameco, Canada's largest uranium producer, faces none of the hurdles that a non-Canadian company would have to clear in acquiring a strategic asset such as Hathor. Only last year, Canada's federal government shot down a $39 billion Anglo-Australian bid for Potash Corp, the world's largest fertilizer producer. That's a calculation that is likely to give any rival bidder pause. Even so, Hathor's share price has shot higher since Cameco's bid was made public late last month, suggesting investors believe a sweeter offer may emerge. Cameco's (CCO.TO) C$3.75 a share offer also makes a lot of economic sense, a second big deterrent to a rival bid. It is one of the few uranium producers with an established mill in the Athabasca Basin, a uranium rich area in northern Saskatchewan. Hathor's flagship Roughrider project is located there.
Shares of CCO traded higher by 1.27% or $0.14/share to $11.14. In the past year, the shares have traded as low as $9.31 and as high as $15.47. On average, 211392 shares of CCO exchange hands on a given day and today's volume is recorded at 57935.
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