August 29, 2011 / 9:20 PM / 8 years ago

UPDATE 1-Hathor urges shareholders to wait on Cameco bid

* 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 (Reuters) - 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 to C$22.20.

$1=$0.98 Canadian Reporting by Julie Gordon; editing by Peter Galloway

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