MONTREAL and VANCOUVER: Osisko Mining Corp. and Goldcorp have reached an agreement to settle the proceeding that Osisko commenced against Goldcorp in the Quebec Superior Court. Osisko alleged that Goldcorp misused confidential information in making its hostile takeover bid for Osisko in January.
As part of the settlement, Goldcorp has agreed not to take up and pay for shares deposited to its takeover prior to April 15, 2014. In return, Osisko has agreed to waive the application of its shareholder rights plan on April 15, 2014, or earlier it Osisko enters into any third party transaction. Osisko also agreed to provide due diligence materials to Goldcorp by April 1, 2014, or earlier in the case of a third party transaction. The settlement further contemplates that no alternative transaction can be closed prior to April 15, 2014.
Osisko continues to pursue aggressively what it calls “a range of value maximizing alternatives.” The company is still advising its shareholders to reject Goldcorp’s bid and believes it can find a suitor who will offer more for its shares.
Goldcorp is still urging Osisko shareholders to tender their Osisko shares after reading the full details of the offer set forth in the circular available at Goldcorp.com.