Goldcorp Drops Hostile Bid for Osisko

The Globe and Mail reported that Vancouver-based Goldcorp Inc. (TSX:G,NYSE:GG) has called an end to its hostile pursuit of Osisko Mining (TSX:OSK). Goldcorp refuses to top the competing bid of $3.9 billion by Yamana Gold Inc. (TSX:YRI,NYSE:AUY) and Agnico Eagle Mines Ltd. (TSX:AEM,NYSE:AEM).

Explaining the company’s reluctance to continue bidding for Osisko, Chuck Jeannes, CEO of Goldcorp, recently said in a statement:

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.

According to the report:

Osisko last week reached a deal to be taken over and split up by Yamana Gold Inc. and Agnico Eagle Gold Inc. The friendly agreement was worth about $7.86, based on share values at the time, compared with Goldcorp’s $7.38 offer.

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