Published on: 4/23/2014 1:35:13 PM Print | Font Sizes:  Normal Text Large Text

Goldcorp backs off from Osisko takeover


By: Northern Ontario Business staff

Goldcorp says it will not up the ante in its hostile takeover of Osisko Mining.
Goldcorp says it will not up the ante in its hostile takeover of Osisko Mining.

Goldcorp says it will not up the ante in its hostile takeover of Osisko Mining.

The Vancouver-based gold miner said it’s not amending its $3.6-billion offer to acquire all of the outstanding common shares of Osisko.

Goldcorp’s offer was set to expire April 22 at midnight.

Osisko announced a proposed agreement, April 16, with Yamana Gold and Agnico Eagle which see the two companies form a 50-50 joint-venture to operate Osisko’s Canadian Malartic Mine in Quebec and explore and develop its Ontario properties in Kirkland Lake, Atikokan Hammond Reef, Pandora/Wood and Pandora.

Goldcorp was prepared to take it to a proxy fight at Osisko’s annual meeting of May 20 by fielding its own slate of candidates for the board of directors and a new CEO.

"We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment," said Goldcorp president and CEO Chuck Jeannes.

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