Deals
New Cameco Bid Topping Rio Seen in Record Hathor Value: Real M&A
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The future of nuclear power is so bright that the industry’s richest takeover offer may still not be enough to let Rio Tinto Group win a bidding contest for Hathor Exploration Ltd.
Hathor, which owns a Canadian uranium deposit, climbed to C$5.06 last week after the world’s third-largest mining company raised its deal price to C$4.70 a share. While the 65 percent premium that Rio agreed to pay topped Cameco Corp.’s hostile bid, arbitragers that pushed Hathor to an all-time high are now betting that Cameco will increase its offer for a second time, according to data compiled by Bloomberg.