SASKATOON, Saskatchewan (AP) — Cameco is boosting its offer for junior uranium developer Hathor Exploration Ltd. to $625 million as it battles a competing bid from global miner Rio Tinto.
The Canadian-based uranium producer said Monday the higher offer for Hathor is worth $4.50 per share.
It also marks a 8.4 percent premium over a $578 million friendly deal between Hathor and Rio Tinto PLC. Rio is offering $4.15 per Hathor share cash.
Cameco first went public with its plans for Hathor in late August but has been consistently rebuffed by the junior mining company, which said Cameco's opening cash offer of $3.75 per share, or $520 million, was too low.
The higher offer will expire on Nov. 29.
Hathor's main asset is the Roughrider uranium deposit, about 15 kilometers (10 miles) northwest of Cameco's Rabbit Lake mill.
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