Osisko Seeking Order to Enjoin Goldcorp’s Hostile Takeover Bid

Osisko Mining Corp. (TSX:OSK) announced yesterday that it has started a legal proceeding in Quebec’s superior court against Goldcorp Inc. (TSX:G,NYSE:GG), which is making a hostile takeover bid for Osisko. Among other things, the proceeding alleges that Goldcorp “misused confidential information.”

As quoted in the press release:

Osisko also alleges that Goldcorp acted in bad faith and in a manner contrary to applicable law, in actions taken by Goldcorp prior to launching its Hostile Bid.  Accordingly, Osisko is seeking an order enjoining the Hostile Bid and further conduct by Goldcorp that Osisko alleges is in breach of the Confidentiality Agreement.

Osisko believes that the Hostile Bid is opportunistic and financially inadequate and threatens to deprive Osisko’s shareholders of adequate consideration for their shares without providing the Company’s Board of Directors with a sufficient opportunity to properly convey the value of Osisko’s world-class assets or to develop, review and evaluate all value-enhancing alternatives.

Click here to read the full Osisko Mining Corp. (TSX:OSK) press release.