MONTREAL – The directors of Osisko Mining Corp. have unanimously recommended that its shareholders reject the “opportunistic hostile” takeover bid made last week by Goldcorp.
The board cited the several reasons for its decision. Basically the Osisko argument is that Goldcorp is not offering enough per share to assure the best value for Osisko shareholders or compensate them for the risks and uncertainties inherent in Goldcorp’s global operations. Moreover, the Goldcorp offer is highly conditional.
All 13 reasons to reject Goldcorp’s offer and the rationale behind them are spelled out in the news release dated Jan. 20, 2014, and posted at OsiskoMining.com.
Osisko announced on Monday that it had set both quarterly (137,321 oz at cash costs of $713/oz) and annual (475,277 oz at $760/oz) gold production records. Further increases in output are expected as optimization continues at the mill.