Vancouver's Goldcorp won't challenge friendly deal for Osisko

goldcorp abandons osisko

Goldcorp (TSX: G) is calling it a day follow months-long efforts to acquire Osisko Mining Corporation (TSX:OSK) through a hostile takeover.

The Vancouver-based mining giant announced April 21 it wouldn't amend its last bid, made about two weeks ago, of $3.6 billion to acquire all of Osisko's outstanding shares.

The decision comes after Yamana Gold and Agnico Eagle Mines offered Osisko $3.9 billion last week in a friendly deal.

"We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment," Goldcorp president and CEO Chuck Jeannes said in a statement.

"We move forward with an outstanding portfolio of mines and projects, and our focus will remain on maximizing the value of our investments and generating strong returns for our shareholders."

Goldcorp originally tried to take over Osisko in January through a hostile bid worth $2.6 billion.

Under the proposed deal with Yamana and Agnico, both those companies would acquire 50% of Osisko, whose main asset is the Malartic gold mine in Quebec.