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Cameco's vision is to be a dominant nuclear energy company producing uranium fuel and generating clean electricity. Our key strategy to deliver this vision is to sustain and grow uranium production in a way that is safe, clean, cost-effective and communit

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durban1

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UPDATE 1-Cameco extends Hathor offer; does not change bid

posted on Oct 31, 2011 10:57PM

UPDATE 1-Cameco extends Hathor offer; does not change bid

Mon Oct 31, 2011 9:57am EDT

* Cameco extends C$3.75/share hostile bid to Nov. 14

* Rio Tinto has countered at C$4.15/share

Oct 31 (Reuters) - Cameco Corp said on Monday that it has extended its takeover offer for Hathor Exploration to Nov. 14, but Canada's largest uranium miner did not increase its all-cash bid for the small-cap uranium explorer.

Cameco's hostile takeover offer values Hathor at C$520 million ($520 million) and had been set to expire on Oct. 31.

Earlier this month, global mining giant Rio Tinto counterbid C$578 million, or C$4.15 a share, for Hathor, topping Cameco's C$3.75 a share offer. Hathor's board has backed Rio's offer.

At stake is Hathor's large exploration-stage Roughrider project in the uranium-rich Athabasca region of Saskatchewan in Western Canada.

Shares of Hathor have risen about 70 percent since the day before Cameco's offer was first announced. The stock opened down 4 Canadian cents at C$4.55 on Monday on the Toronto Stock Exchange.

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