Osisko says Goldcorp takeover offer is very low, will seek better deal
A Goldcorp sign is pictured at the Goldcorp annual general meeting in Toronto on May 2, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim
The Canadian Press
Published Wednesday, January 15, 2014 9:33AM EST
MONTREAL -- Osisko Mining Corp. (TSX:OSK) says a hostile takeover bid for the company by 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.
The 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.