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10/13/15

Fission and Denison: A radioactive deal

I had a good laugh when this dog of a deal was announced.




TORONTO, ONTARIO--(Marketwired - Oct 13, 2015) - Denison Mines Corp. (DML.TO)(NYSE MKT:DNN) ("Denison") and Fission Uranium Corp. (FCU.TO)(FCUUF)(2FU.F) ("Fission") have terminated the previously announced arrangement agreement pursuant to which Denison and Fission were to combine their respective businesses by way of a court-approved plan of arrangement (the "Arrangement"). At the deadline for submission of proxies on Friday, Denison's shareholders strongly supported the Arrangement. While a majority of the Fission shares voted were in favour of the Arrangement, the required two-thirds approval was not obtained.

An object lesson in how managerial greed and mediocrity strips value away from shareholders.