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Goldcorp files formal bid for Osisko and commences offer

  • A day after Goldcorp (GG -2.5%) announced its $2.6B hostile bid for Osisko Mining (OTCPK:OSKFF -0.8%), it files a formal bid; based on GG's Jan. 10 closing share price in Toronto, the offer to Osisko shareholders equates to C$5.95/share, a 28% premium over Osisko's 20-day volume-weighted average share.
  • GG says Osisko has refused to consider several friendly offers over the last five years.
  • Meanwhile, the Montreal Board of Trade urges Quebec's government to ensure a deal would not harm the local economy, citing Osisko's Montreal HQ and $500M of supply contracts it has awarded local businesses for the Malartic mine.
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