VANCOUVER – Goldcorp has increased its hostile takeover offer for Osisko Mining Corp. to $7.65 per share in cash and shares, making this a deal worth $3.6 billion, a billion more than its initial hostile takeover offer on Jan. 13. Goldcorp is now offering 0.17 of a Goldcorp common share plus a total of $2.92 in cash for each Osisko share.
Goldcorp says its latest proposal offers better value for shareholders than the one recently proposed by Osisko and Yamana Gold whereby Yamana has offered to buy 50% of Osisko’s assets in a deal worth that values Osisko at $3.4 billion.
Goldcorp’s offer has a minimum tender condition of 50.1%, and the expiry date is extended to 11:59 pm EDT on April 22, 2014.
Sean Roosen, president and CEO of Montreal-based Osisko, reportedly said in an interview on April 10 that he still favours the Yamana deal. Meanwhile, the board is considering both options.
Additional information can be found at Goldcorp.com, Osisko.com and Yamana.com.