Hathor board rallies the troops against ‘predatory, opportunistic’ bid
Hathor Exploration announced early Wednesday that its board unanimously recommends that shareholders reject Cameco's unsolicited offer for the company calling it 'opportunistic' and 'predatory' coming in the wake of the Fukishima disaster in Japan that sent uranium oxide prices to lows of around $50/pound. Hathor opened down slightly on Wednesday trading at $4.15 versus Cameco's offer of $3.75.
Yesterday the company said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium explorer has gained about 56% since the offer and 121% since the start of the year. In contrast $8 billion industry bellwether Cameco’s stock has almost halved in 2011.