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Osisko launches legal action vs. Goldcorp, claims misuse of confidential data

  • Goldcorp's (GG -3.5%) hostile takeover offer for Osisko Mining (OSKFF -3.9%) is turning very hostile, as Osisko takes Goldcorp to court and accuses its bigger peer of using confidential information when it launched its bid earlier this month.
  • Goldcorp denies the allegations and plans to defend its position; GG also says Canada's antitrust regulator has indicated it does not intend to challenge the move to acquire Osisko.
  • In addition to throwing uncertainty into the takeover battle, the legal action may reduce the likelihood of a friendly deal; investors believe GG will raise its bid, but it may prove tougher to get Osisko to the bargaining table if the company thinks GG misused confidential data.
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