PDN has offered 0.1076 PDN shares for each FCU share, implying a value of $1.30/share, a 25% premium. FCU's board has approved the deal, but only 0.7% of the shares are locked up and committed. Closing is expected in September. The combined company will have larger scale, a good development pipeline and a larger global presence. The price does seem low, but FCU's main project does have some technical challenges, and is not a slam dunk. It also requires relatively high uranium prices. PDN already has some Canadian exposure as well, so perhaps does not 'need' this at a higher premium and priced accordingly. We would put odds of another bid at about 15% here.
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