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Osisko asks shareholders for patience, says Goldcorp bid blocked until April 15

Osisko Mining (OSKFF +0.3%) urges patience from its shareholders and says it is still pursuing a range of alternative to Goldcorp's (GG +0.4%) hostile C$2.89B takeover offer, a day after Goldcorp said it is extending its offer to acquire all of Osisko’s shares to March 21.

Osisko countered with a statement reminding its shareholders that a settlement agreement between the two companies stipulates that Goldcorp cannot take up and pay for any Osisko shares deposited to its bid before April 15.

Osisko shares have been trading well above the implied value of Goldcorp’s offer since the bid was announced Jan. 14.

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Comments (2)
  • Henri DeToi
    , contributor
    Comments (409) | Send Message
    Which fool will surrender his shares to Goldcorp when it trades way above the price offered. I know I sold mine way above that price and it kept going up.
    11 Mar 2014, 01:46 PM Reply Like
  • Jeach!
    , contributor
    Comments (858) | Send Message
    I'm still holding on to mine! I've always believed that Osisko could be a $20 stock with $1500+ gold and probably $25 stock with gold over $2000.


    The last thing a shareholder would want is for an indebted large miner to purchase it with mostly shares. Osisko is lean and is SO promising!


    A little history: My parents owned 100 acres only a few miles from where Osisko is located. Couple times a year I would go down to relax and visit them. One day (xmas) my dad asked me to buy a case of beer on my way back. So I stopped at a store to do just that. Behind, I saw this mountain of sand and could hear large trucks.


    When I got home I inquired about what that "construction" was. He said that it was a local mine which currently was spending hundreds of millions to relocate the town (entire divisions, schools, parks, libraries, etc) all at their cost. I though he was exaggerating a little so I started to ask local people and they all said the same thing.


    If you looked on the internet, there was nothing mentioned of this. So I figured that if a mine was spending hundreds of millions and rumor was that it would spend a total of $1 billion in the future to move the town and another $1 billion to build the mine... I knew there was something BIG.


    So I decided to buy their stock at around $3. Since then I've been selling high and buying low. But this time around, I'm pretty much keeping what I have until it hits the $15 to $20 target price... that is unless of course, Osisko get bought out buy an indebted gold miner (Goldcorp or any other). But I'm keep a trailing stop loss (about $0.75 from the high) for this so I can lock in my massive profits.


    Note that I also actively trade two related stocks: GZZ and RZZ


    I really hope people don't tender in their shares!!
    13 Mar 2014, 05:07 PM Reply Like
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