MONTREAL – Osisko Mining Corp. (TSX:OSK) is formally rejecting a hostile takeover offer by Goldcorp. Inc. (TSX:G) valued at $2.6 billion.
The gold miner said Monday that the stock-and-cash offer is “financially inadequate and not in the best interests of Osisko.”
Osisko said that its board and management are focused on delivering superior value to shareholders.
RELATED: Osisko resisting Goldcorp’s hostile takeover bid
Shares in the company have traded well above the $5.95 implied value of the Goldcorp offer since the stock-and-cash proposal was first announced on Monday.
Analysts have suggested that Goldcorp will have to raise its offer if it wants to close the deal.
RELATED: Goldcorp offering to buy Osisko in stock and cash deal worth $2.6B
Osisko’s main asset is the Canadian Malartic gold mine in northern Quebec, where it has been ramping up operations since its first commercial production in May 2011.
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