MONTREAL – Osisko Mining Corp. (TSX:OSK) says a hostile takeover bid for the company by Vancouver-based Goldcorp Inc. (TSX:G) is “very low” and opportunistic.
Osisko says its board is committed “to delivering superior value for shareholders and all stakeholders” and will pursue all initiatives to that end.
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READ MORE: Goldcorp offering to buy Osisko in stock and cash deal worth $2.6B
The Quebec-based company urged shareholders to hold off from accepting the $2.6-billion offer until the board makes a recommendation on the proposal.
The board has formed a special committee including five independent members to review the offer.
Osisko shares have traded well above the $5.95 implied value of the Goldcorp offer since the stock-and-cash proposal was first announced.
Analysts have suggested that Goldcorp will have to raise its offer if it wants to close the deal.
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