Monday, October 6, 2025

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Denison Re-Enters The Fray To Acquire UEX Corp, Bidding Higher Than Uranium Energy

Denison Mines (TSX: DML) appears to be in a competition with Uranium Energy Corp (NYSE: URC) to see whom can propose the smallest increase in their bids to acquire UEX Corporation (TSXV: UEX). Denison this morning announced it has revised its prior offer to acquire the exploration firm, this time electing to publicly reveal its proposal.

The proposal, which consists of an all-share deal, amounts to 0.32 shares of Denison for each UEX share, the equivalent of $0.51 per share as of yesterdays market close. The figure represents a $0.02 premium to the revised agreement entered into between Uranium Energy Corp and UEX Corp yesterday. That deal currently sits with implied consideration of $0.49 per share.

“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,” commented Denison CEO David Cates.

The company commented that it is aware that its offer might not prevail given UEC’s right to match the superior offer. Denison also noted that its prior offer was matched by UEC, “despite the fact it implied a lower UEX price from the perspective of premiums over normalized trading periods.”

One other notable aspect of the latest offer by Denison is that definitive documents have reportedly been provided to UEX, versus the prior offer being a non-binding acquisition proposal.

The planned securityholder meeting of UEX Corp has as a result been postponed from today to that of August 15.

Denison Mines last traded at $1.60 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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