Goldcorp doesn’t give up on Osisko, extends bid offer
Goldcorp (TSX:G) (NYSE:GG) has extended its $2.6 billion unsolicited takeover bid on fellow Canadian miner Osisko (TSX:OSK), from Feb. 19 to March 10, after the Quebec Superior Court set a hearing yesterday to decide if its complaints against the Vancouver-based gold giant have merit.
On Tuesday Osisko announced it was suing Goldcorp, alleging the firm misused confidential information to attempt a takeover. Osisko has already advised its shareholders to reject the bid.
Goldcorp, which is seeking access to access to Osisko’s Malartic mine in Quebec, already has a gold project in the province – Éléonore, set to begin production later this year.
If it goes through, the proposed deal will make Goldcorp, which already is world's largest gold miner by market capitalization, the No. 1 gold producer in the province of Quebec.