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Cameco tops Rio Tinto offer for Hathor - now what?

The bidding war between Cameco and Rio Tinto for Hathor Exploration and its uranium assets in the Athabasca Basin has escalated. What happens next is anyone's guess but most are expecting another salvo from Rio.

Author: Kip Keen
Posted: Tuesday , 15 Nov 2011



HALIFAX, NS -

In the takeover battle between Cameco (TSX: CCO) and Rio Tinto (LSE: R) for Hathor Exploration (TSX: HAT) there was no sign of retreat on Monday.

Cameco hit back against Rio Tinto with an all cash C$4.50 per share offer that hoisted the bar for Hathor about eight percent over Rio Tinto's previous C$4.15 bid, one that had netted it the support of Hathor's board of directors.

That, in turn, had bettered Cameco's opening round of C$3.75 per share, a bid that Hathor's board had called predatory