White knights get legal green light for friendly C$3.9bn Osisko buyout
TORONTO (miningweekly.com) – The friendly deal that would see TSX-listed Osisko Mining being bought out by fellow Toronto-listed miners Agnico Eagle Mines and Yamana Gold received court approval on Tuesday.
Osisko revealed the C$3.9-billion takeover deal in April, in response to a hostile C$3.6-billion takeover bid launched by Goldcorp.
Under the agreement, each party would receive half an interest in Osisko’s Canadian Malartic gold mine, in Quebec.
Under the arrangement, each outstanding common share of Osisko will be exchanged for C$2.09 in cash, 0.07264 of a common share of Agnico Eagle, 0.26471 of a common share of Yamana and one common share (0.10 of a common share on a consolidated basis) of a newly formed company, Osisko Gold Royalties, that would acquire certain assets of Osisko as part of the arrangement.
Osisko on Tuesday also reported record monthly gold production of 51 114 oz in May. The total included a record for daily output on May 14 of 2 718 oz.
“These increased levels reflect the significant potential for the partnership to leverage Agnico and Yamana’s respective expertise to unlock additional value through further optimisations at the operation,”
“We are pleased and excited with the record monthly production and mill throughput that were delivered by Osisko at Canadian Malartic for the month of May,” Agnico Eagle president and CEO Sean Boyd and Yamana Gold chairperson and CEO Peter Marrone said in a joint statement.
The transaction is expected to close on Monday.
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