Denison (AMEX:DNN) Bids AU$57 million for White Canyon Uranium Limited

Denison (AMEX:DNN) has entered into a Bid Implementation Agreement with White Canyon Uranium Limited whereby Denison has agreed to make a takeover offer to acquire 100% of the issued and outstanding shares of White Canyon at a price of AU$0.24 a share for a total of approximately AU$57 million (CDN$56.6 million). The offer reflects a premium of approximately 20% to the closing price of White Canyon shares on the Australian Securities Exchange on February 18, 2011 (the last trading day in White Canyon shares prior to this announcement) and premiums of 23% and 51% to volume weighted average prices for White Canyon shares in the previous 30 and 90 trading days, respectively.

"White Canyon's directors have unanimously recommended that shareholders accept the Denison offer in the absence of a superior proposal and subject to an independent expert not opining that the Denison offer is not fair and not reasonable. White Canyon's directors have also unanimously indicated that they intend to accept the Denison offer in respect of any shares in White Canyon that they own or control (subject in each case to there being no superior proposal and subject to an independent expert not opining that the Denison offer is not fair and not reasonable). The Bid Implementation Agreement also provides that White Canyon cannot solicit other offers during the offer period and that a break fee of AU$500,000 is payable by either party to the other under specified circumstances. White Canyon has engaged PKF Corporate Advisory (East Coast) Pty Ltd. as an independent expert to opine on whether the Denison offer is fair and reasonable to White Canyon shareholders," the company said in a press release.







Press Release