Goldcorp extends closing date for hostile Osisko takeover bid
TORONTO (miningweekly.com) – Vancouver-based Goldcorp on Monday extended the date on which its C$2.94-billion hostile takeover bid for Quebec gold miner Osisko Mining would close.
Osisko had last week settled a lawsuit against gold major Goldcorp, which in January launched an unsolicited cash-and-stock takeover bid.
Under the terms of the settlement, Goldcorp agreed not to take up and pay for shares deposited to its hostile takeover bid before April 15.
In return, Osisko agreed to waive the application of its shareholder rights plan before April 15, to provide Goldcorp access to due diligence materials and to terminate its court proceeding against Goldcorp.
Osisko rejected the takeover bid by Goldcorp in January, and had launched a legal challenge to Goldcorp's bid, accusing the company of breaking a confidentiality agreement and failing to honour a verbal agreement to extend an expired standstill agreement.
Osisko underlined that it was continuing to manage a “robust” process to aggressively pursue a range of value maximising alternatives that were in the best interests of the company, the Osisko shareholders and other stakeholders; however, no alternative transaction could be closed before April 15.
Goldcorp’s C$2.94-billion offer for Osisko was the largest unfriendly bid for a mining company since First Quantum Minerals bought Inmet Mining for $4.7-billion in November 2012.
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