Goldcorp chairman confident in hostile bid for Osisko

|About: Goldcorp Inc. (GG)|By:, SA News Editor

Goldcorp (GG -2.6%) would rather walk away from its hostile $2.8B offer for Osisko Mining (OSKFF -5.7%) than pay too much, Chairman Ian Telfer says without ruling out a higher bid.

But Telfer says he remains confident the his company’s bid will succeed; in an interview yesterday, he pointed out that Osisko is running out of time to find a white knight bidder, and that the “just say no" defense almost never works.

Telfer says Goldcorp got what it wanted out of the settlement earlier this month as it eliminated Osisko’s poison pill and will allow the company to do more due diligence on Osisko’s Canadian Malartic mine; GG possibly could raise its bid depending on what the due diligence reveals, Telfer says.