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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