Seems this sector is heating up - is this now $11.21/lb given...

Seems this sector is heating up - is this now $11.21/lb given the original 4.15 offer equated to $9.90/lb?

Rio Tinto increases all-cash offer for Hathor Exploration to C$4.70 per share with reaffirmed recommendation from Hathor board

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Rio Tinto today increased its offer, made through an indirect wholly-owned Canadian subsidiary (the “Offeror”), to acquire all of Hathor Exploration Limited’s common shares to C$4.70 in cash per common share.

Rio Tinto’s increased offer values Hathor at approximately C$654 million on a fully-diluted basis and represents a premium to Cameco Corporation’s unsolicited revised offer of C$4.50 per common share made on 14 November 2011. 

The Hathor board of directors has reaffirmed its support for Rio Tinto’s increased offer and unanimously recommends that Hathor shareholders accept and tender their common shares to Rio Tinto’s increased offer.

The support agreement between the Offeror and Hathor has been amended by the parties to reflect Rio Tinto’s increased offer and remains in effect. The lock-up agreements with Hathor directors and senior officers also remain in effect.

The increased offer remains open for acceptance until 5:00pm (Toronto time) on 30 November 2011, unless extended or withdrawn in accordance with its terms. Full details of the increased offer are included in a notice of variation that will be mailed by the Offeror to Hathor securityholders.  The increased offer is subject to customary conditions, as described in the original offer and takeover bid circular dated 25 October 2011 and delivered to Hathor securityholders.