Looks like this show is over folks. Hathor closed at $4.69...

Looks like this show is over folks. Hathor closed at $4.69 overnight. Will be interesting to see whether Cameco consider making a play for KAH/EXT/Husab - does anyone have any idea how deep Cameco's pockets are?

Here is the latest press:

Cameco calls it quits in Hathor bidding war By: Matthew Hill 28th November 2011 TORONTO (miningweekly.com) – Cameco, the biggest uranium miner globally, said on Monday its backing out of a takeover battle for junior Hathor Exploration, declining to offer more than Rio Tinto’s November 17 C$654-million friendly bid.

Cameco CEO Tim Gitzel said the company could not validate a higher bid for the Vancouver-based junior, after Rio Tinto’s latest offer valued the company at around C$11.50/lb of uranium resource, making it one of the more expensive deals in the sector.

Hathor owns the Roughrider deposit in northern Saskatchewan, which would have offered Cameco operational synergies, but gives Rio Tinto a foothold in the region that produces around one-fifth of global uranium supplies.

“After careful consideration we cannot justify increasing the price beyond our current offer and accordingly, we will let our offer lapse,” Gitzel said in a statement.

He said the decision would not impact the company’s plan to double output to 40-million pounds by 2018.

“We will continue to explore other growth opportunities, but only where there is a clear benefit to our shareholders,’ Gitzel said.

Cameco first made a hostile move on TSX-listed Hathor on August 26, after it failed to reach an agreement over valuation with the target's board.

Since then, the junior's share price has consistently traded above the offer price of the latest bid, as the market anticipated a prolonged takeover struggle.


and from Rio:

Hathor Exploration shareholders urged to tender their shares to Rio Tinto offer

Hathor Exploration Limited shareholders are urged to promptly tender their common shares to Rio Tinto’s increased offer, made through an indirect wholly-owned Canadian subsidiary, to acquire all the common shares of Hathor for C$4.70 per common share in cash before 5:00 pm (Toronto time) on 30 November 2011, when the offer expires unless extended or withdrawn.

Hathor’s board of directors unanimously recommends that Hathor shareholders tender their common shares to Rio Tinto's increased offer. Rio Tinto’s recommended offer values Hathor at approximately C$654 million on a fully-diluted basis and represents a premium to the unsolicited revised offer of Cameco Corporation’s of C$4.50 per common share of Hathor made on 14 November 2011. Hathor shareholders who have already tendered their shares to the Cameco offer may still withdraw them at any time before Cameco's offer expires at 12.01 am (Vancouver time) on 29 November 2011.

Hathor shareholders whose shares are registered in the name of an investment advisor, stockbroker, bank or trust company should contact their intermediary to ensure they meet any tendering cut-off times established by the intermediaries. Shareholders must instruct their brokers or other intermediaries, investment advisor, stockbroker, bank, trust company or other nominee promptly if they wish to tender their shares to Rio Tinto’s offer.

Shareholders who need assistance tendering their shares to Rio Tinto’s offer can contact Rio Tinto’s information agent, Laurel Hill Advisory Group toll free at 1-877-452-7184 or collect call at 416-637-4661 or email [email protected].