Base metal mining oriented group Rio Tinto has, as expected, increased its offer for uranium developer Hathor Exploration.
The move comes just days after rival bidder Cameco Corp trumped the global miner with a C$625m ($615m) offer.
Rio Tinto is now offering to acquire all of Hathor's common shares at C$4.70 in cash per share, in a bid which values Hathor at around C$654m on a fully-diluted basis.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Cameco Corporation made an unsolicited revised offer of C$4.50 per share on 14 November.
In a statement, Rio Tinto said: "The Hathor board of directors has reaffirmed its support for Rio Tinto's increased offer and unanimously recommends that Hathor shareholders accept and tender their common shares to Rio Tinto's increased offer."
NR
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
