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    Goldcorp Launches Takeover Bid for Osisko

    Investing News Network
    Jan. 13, 2014 10:02AM PST
    Gold Investing

    Goldcorp (TSX:G,NYSE:GG) has launched a hostile takeover bid for Osisko (TSX:OSK) that would give the Vancouver-based miner control of the Malarctic gold mine in Quebec.

    Goldcorp (TSX:G,NYSE:GG) has launched a hostile takeover bid for Osisko (TSX:OSK) that would give the Vancouver-based miner control of the Malarctic gold mine in Quebec.

    Under terms of the offer made public today, Osisko shareholders would received 0.146 of a Goldcorp common share plus C$2.36 in cash for each Osisko common share — which is a 15 percent premium on the price of Osisko shares as of January 10th.

    The offer, which will remain open until February 19th, is worth approximately C$2.6 billion in cash and shares.

    As quoted in the press release:

    “From a financial and strategic perspective, this offer represents a compelling transaction that is consistent with our strategy of improving the overall quality of our portfolio,” said Chuck Jeannes, Goldcorp President and Chief Executive Officer. 

    “Goldcorp shareholders will benefit from a long-lived, high-quality gold mine with low all-in sustaining costs capable of generating long-term free cash flows. We are particularly pleased to be making a further substantial investment in the Province of Québec, one of the best mining jurisdictions in the world.  With our world-class Éléonore project in Northern Québec due to commence production later this year, Goldcorp will be the largest gold producer in the province with the resources to continue building collaborative, long-term relationships while leveraging corporate and regional synergies.”

    In mid-morning trading, Osisko was up 19.9 percent on the Toronto main board while Goldcorp dropped 2.2 percent.

    Read the full press release by Goldcorp (TSX:G,NYSE:GG)

    chuck jeannestsx:gtsx:osknyse:gglargest gold producer
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