“Following the expiration of our previous acquisition proposal, which equated to a premium over the amended UEC agreement on a 10- and 20-day volume weighted average price basis, and after internal discussions, including with our legal and financial advisors, Denison decided to make a further premium acquisition proposal to UEX,” Denison CEO David Cates said in a media statement.
“The success of this offer is subject to the board of UEX determining that it is superior to the amended UEC agreement and is also subject to UEC’s five-day right to match,” Cates said. “We note that on August 5, UEC increased its offer in response to Denison’s superior acquisition proposal of July 22, and that the UEX board of directors concluded that the amended terms offered by UEC constituted a matching offer – despite the fact it implied a lower UEX price from the perspective of premiums over normalized trading periods.”
Cates…
