Rio outbids Cameco for Hathor Exploration
Rio Tinto (LON:RIO ) is expanding its presence in Canada with an all-cash offer to acquire Hathor Exploration (TSE:HAT), which owns the Roughrider uranium deposit in Saskatchewan.
The global mining giant announced today a $4.15 per share, all-cash bid for Hathor valued at $578 million. The bid is 11% higher than Cameco's $3.75 per share hostile bid for Hathor announced last month.
It is the first bid for a Canadian company that Rio has made since acquiring Alcan in 2007.
"The superior Rio Tinto offer provided fair value to Hathor shareholders over Cameco's current hostile, unsolicited takeover over," said Hathor chief executive officer Dr. Michael H. Gunning.