Cameco Corp., symbol CCO on Toronto, has launched a hostile takeover bid for Hathor Exploration (symbol HAT on Toronto). Cameco is offering $520 million, or $3.75 a share, for this uranium exploration company.
Hathor’s main exploration properties are on the east side of the Athabasca Basin. This region in northern Saskatchewan and Alberta contains all of Canada’s producing uranium mines, and accounts for 23% of the global production of uranium.
Right now, Hathor is exploring for uranium at its Midwest Northeast project, which is close to producing properties that are currently owned by Cameco and AREVA of France.
The Midwest Northeast property is Hathor’s most advanced project. This mining stock’s exploration is focused on the Roughrider zone, where it has found significant uranium mineralization over the last couple of years. Roughrider could hold as much as 57.9 million pounds of uranium. It is also near Cameco’s Rabbit Lake mill.
Cameco holds cash of $1.2 billion, or $3.30 a share, so it can easily afford to make acquisitions like Hathor to enhance its long-term growth prospects. Hathor is trading at $4.13 a share, or 10.1% above the senior mining stock’s offer. That means Cameco may have to raise its offer to gain the support of Hathor’s shareholders or fend off a rival bid.
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