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Osisko Mining formally rejects Goldcorp’s $2.6B hostile takeover offer

A Goldcorp sign is pictured at the annual meeting in Toronto on May 2, 2013.
A Goldcorp sign is pictured at the annual meeting in Toronto on May 2, 2013. Aaron Vincent Elkaim/The Canadian Press

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.

RELATEDOsisko 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.

RELATEDGoldcorp 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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