Cameco to allow offer for Hat to lapse
Cameco to allow offer for Hathor to lapse
2011-11-28 08:29 ET - News Release
Mr. Tim Gitzel reports
CAMECO TO ALLOW OFFER FOR HATHOR EXPLORATION TO LAPSE
Cameco Corp. will not increase or extend its offer to acquire all of the outstanding shares of Hathor Exploration Ltd., which expires on Nov. 29, 2011.
"After careful consideration we cannot justify increasing the price beyond our current offer and accordingly, we will let our offer lapse," said Tim Gitzel, president and chief executive officer of Cameco. "Cameco has remained disciplined through the bid process to ensure that we make the best decisions for our company and its shareholders."
Mr. Gitzel said that allowing the bid to lapse will not adversely affect Cameco's plan to double annual uranium production to 40 million pounds by 2018.
"Our plan involves existing assets in our development pipeline and we remain on track to meet our objectives. We will continue to explore other growth opportunities, but only where there is a clear benefit to our shareholders," Mr. Gitzel said.
We seek Safe Harbor.