(Reuters) - Cameco Corp (CCO.TO) said on Monday that it has extended its takeover offer for Hathor Exploration HAT.TO to November 14, but Canada’s largest uranium miner did not increase its all-cash bid for the small-cap uranium explorer.
Cameco’s hostile takeover offer values Hathor at C$520 million ($520 million) and had been set to expire on October 31.
Earlier this month, global mining giant Rio Tinto (RIO.AX) (RIO.L) counterbid C$578 million, or C$4.15 a share, for Hathor, topping Cameco’s C$3.75 a share offer. Hathor’s board has backed Rio’s offer.
At stake is Hathor’s large exploration-stage Roughrider project in the uranium-rich Athabasca region of Saskatchewan in Western Canada.
Shares of Hathor have risen about 70 percent since the day before Cameco’s offer was first announced. The stock opened down 4 Canadian cents at C$4.55 on Monday on the Toronto Stock Exchange.
Reporting by Julie Gordon; editing by Peter Galloway