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Osisko Mining (TSX:OSK) is urging its shareholders to reject as “financially inadequate” Goldcorp’s (NYSE:GG,TSX:G) unsolicited $2.6 billion offer for the Montreal-based company.
Osisko Mining (TSX:OSK) is urging its shareholders to reject as “financially inadequate” Goldcorp’s (NYSE:GG,TSX:G) unsolicited $2.6 billion offer for the Montreal-based company. The Toronto Star reported that Osisko CEO Sean Roosen implored investors not to tender shares to the bid, while the board “aggressively pursues” alternatives for the company, which owns the Canadian Malartic mine in Quebec.
As quoted in the market news:
Roosen, who built Malartic into one of the world’s largest gold mines, said on a conference call that companies with a high quality, single asset have substantially outperformed giant diversified firms such as Goldcorp, whose shares have fallen 23 per cent in the last five years as Osisko’s doubled.
“Goldcorp’s best days are behind it, and we are at a brand new mine with our best days in front of us,” said Roosen.