Bidding Timeline👀UEC Original Bid 43 cents or share ratio of 0.0831
Then Denison came back with the bid below ( I don't think DML price was announce, but UEC sated that their 49 cents was 7% higher than DML, 7%x 49 = 3.43 - 49= 45.57 this could have been DML first bid )
Saskatoon, Saskatchewan – TheNewswire - July 29, 2022 – UEX Corporation (TSX:UEX) (OTC:UEXF) (“UEX” or the “Company”)announces that it has received an unsolicited non-binding proposal from Denison Mines Corp. (“Denison”) for the acquisition of all of the issued and outstanding common shares of UEX (the “Denison Offer”). The Board of Directors of the Company (the “Board”) has unanimously determined, after consultation with its financial and legal advisors, that the Denison Offer constitutes a “Superior Proposal” under the arrangement agreement dated June 13, 2022, as amended June 23, 2022, among UEX, Uranium Energy Corp. (“UEC”) and UEC 2022 Acquisition Corp. (the “UEC Arrangement Agreement”).
I think UEC last bid was this one below
UEX Shareholders will now receive 0.0890 UEC Shares for each UEX Share, implying consideration of approximately C$0.49 per UEX Share based on the closing price of UEX Shares and UEC Shares on the Toronto Stock Exchange and the NYSE American Exchange, respectively, and the spot exchange rate as of the date hereof, replacing the original exchange ratio of 0.0831 UEC Share for each UEX Share as agreed to in the UEC Agreement;
I think Denison came back with the last bid below
TORONTO, Aug. 9, 2022 /CNW/ - Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) has made a further proposal (an "Acquisition Proposal") to acquire all of the issued and outstanding shares of UEX Corporation ("UEX"). Under the terms of the Acquisition Proposal, UEX shareholders would receive 0.32 shares of Denison in exchange for each share of UEX held, which represents an implied purchase price of $0.51 per UEX share, on a spot basis, as of the market close on August 8, 2022
Denison's Acquisition Proposal represents a 7% premium to the price implied by the amended arrangement agreement between UEX and Uranium Energy Corp. ("UEC") dated August 5, 2022 (the "Amended UEC Agreement") based on the one-day volume weighted average price on August 8, 2022, and a 9% premium to the 20-day volume weighted average price implied by the Amended UEC Agreement.
Time will tell how it all play out.