* Hathor calls Cameco bid "opportunistic"
* Urges shareholders not to act until formal bid received
* Hathor shrs up 47.9 percent on TSX since offer
TORONTO, Aug 29 Hathor Exploration HAT.TO
said on Monday a takeover offer from Canada's No 1 uranium
producer, Cameco Corp (CCO.TO), is "opportunistic" and that
shareholders should not do anything until its board has
reviewed the bid.
Cameco said on Friday it was planning a C$520 million ($532
million) hostile bid for the uranium exploration company after
talks aimed at a friendly deal failed. [ID:nNL4E7JQ275]
At stake is Hathor's Roughrider deposit, a uranium project
located near Cameco's Rabbit Lake mill in the Athabasca Basin
of the western Canadian province of Saskatchewan.
"The offer from Cameco is opportunistic, leveraging the
market capitalization setback in this industry post-Fukushima,"
Hathor said in a press release, referring to the nuclear
accident at the Fukushima-Daiichi power plant in northeast
Japan following the March earthquake and tsunami there.
Cameco's all-cash bid valued Hathor at C$3.75 a share and
sent the stock soaring to C$3.95 on Monday, 10 percent above a
year high of C$3.57 it hit in December 2010. Shares closed at
C$2.67 last Thursday, the day before the deal was announced.
Hathor said it had not yet received a formal offer from
Cameco and urged shareholders not to respond until the bid has
been reviewed by the company and its advisers.
The Vancouver-based company plans to release a preliminary
economic study for its Roughrider project next month.
Shares of Hathor closed up 1.8 percent at C$3.95 on the
Toronto Stock Exchange on Monday, while Cameco rose 1.5 percent
(Reporting by Julie Gordon; editing by Peter Galloway)