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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 (404) | 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 (847) | 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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