Goldcorp will not amend its offer for Osisko

 Goldcorp Inc. today announced that it will not amend its offer to acquire all of the outstanding common shares of Osisko Mining Corporation and will let the offer expire at 11:59 pm on April 22, 2014.

"We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "We move forward with an outstanding portfolio of mines and projects, and our focus will remain on maximizing the value of our investments and generating strong returns for our shareholders."

Goldcorp began its pursuit of Osisko with a  $2.6 billion in early January, 2014. But the offer was immediately branded as hostile by the Osisko Mining management led by Sean Roosen, the President and CEO.

Last week Yamana, Agnico Eagle tendered a joint offer worth $3.9-billion to purchase Osisko. The deal amounted to $8.15  Under the proposed deal Yamana and Agnico each would acquire  50% of Osisko, whose main asset is the Malartic gold mine in Quebec.

During the four month takeover bid by Goldcorp the value of Osisko’s stock increased from the $5.00 range to $8.03 per share almost by April 17, 2014, about a 50 % increase.

Goldcorp original offer was for $5.95 per share which was wholeheartedly opposed by Osisko management as being too low given the exceptional performance of Osisko’s Malartic, Quebec gold mine.

Osisko shares which had climbed to $8.00 per share at close of market on April, 17, 2014, fell $0.27 to $7.73 at close of markets on Monday April 21, 2014

The takeover bid also included an Osisko Mining court challenge based on claims that Goldcorp had misused confidential information it gained from Osisko board meetings was eventually settled out of court in early March.

Eventually Goldcorp increased its offer to $7.65 per share,but that price was eclipsed by the value of the Yamana Gold-Agnico Eagle bid. The last all-out effort by Goldcorp was its announcement last week that it was fielding a slate of Goldcorp officials in a bid to gain control of Osisko’s Board of Directors. The following day Yamana-Agnico Eagle joint offer was made public.

The decision by Goldcorp not to increase its offer to match or surpass the Yamana-Agnico Eagle bid apparently brings to a close one of the most dramatic takeover bid in recent Canadian corporate history.

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. http://www.goldcorp.com/English/Why-Goldcorp/default.aspx

For more information on Osisko visit