UPDATE 1-Hathor board asks shareholders to reject Cameco offer
Wed Sep 14, 2011 7:19am EDT
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Sept 14 (Reuters) - Hathor Exploration said its board unanimously recommended that its shareholders reject the C$520 million hostile takeover offer from Canada's No 1 uranium producer, Cameco Corp .
The offer fails to recognize the quality of the Roughrider uranium deposit, said Hathor, which dubbed the bid "predatory."
Cameco launched its bid for Hathor in end-August, after talks for a friendly deal failed. Cameco's move is aimed at expanding its output from the Athabasca Basin mining region in Western Canada. [ID: nNL4E7JQ27]
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.
None of its directors or officers intends to tender their shares to the offer, Hathor said in a statement. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)
