Goldcorp extends bid deadline for Osisko, will study Yamana proposal

Goldcorp (GG -1.5%), whose C$2.6B hostile bid for Osisko Mining (OSKFF -1.7%) was set to expire this Friday, says it is extending its offer until April 15 while it continues its due diligence process at Osisko’s Malartic mine in Quebec.

In an attempt to thwart Goldcorp's offer, Osisko said Yamana Gold (AUY -1.5%) would buy a 50% stake in its mining and exploration assets for C$930M, and GG says it plans to complete an analysis of yesterday's proposal.

GG agreed last month not to take up and pay for shares that were deposited in favor of its bid before April 15, as part of a settlement with Osisko.

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Comments (6)
  • Maobama
    , contributor
    Comments (529) | Send Message
    Seems like a good deal for OSKFF management as they keep their jobs, bonuses, perks and privileges. Not sure there are really any other beneficiaries. Typical of the racket that corporations have become.
    3 Apr 2014, 05:56 PM Reply Like
  • Henri DeToi
    , contributor
    Comments (639) | Send Message
    You could be right, but I don't think Goldcorp's offer in this case was good for Osiskos's shareholders either.
    4 Apr 2014, 10:09 AM Reply Like
  • retailexecutive
    , contributor
    Comments (281) | Send Message
    perhaps not but the shares still are trading at a discount. If this was such a great offer the shares should be above $7.
    8 Apr 2014, 02:58 PM Reply Like
  • nocnurzfred
    , contributor
    Comments (869) | Send Message
    Why wouldn't, or couldn't AUY have cut a controlling position with their deal?
    Anyway, maybe GG should buy AUY & assume the present deal & commitments.
    4 Apr 2014, 12:13 PM Reply Like
  • jkarafonda
    , contributor
    Comments (6) | Send Message
    I keep reading day after day about Yamana's wonderful cost cutting and trend setting conservative approach in daily operations, but have seen no upward movement in their stock price for a long, long time. I suspect they are really backing way up for a big push and shove out of the starting gate. This deal looks to be another wonderful unimpressive strategic plan that moves their stock absolutely nowhere. If Yamana wants stockholder support, they need to do something impressive that moves their stock price and minimizes their laboring for excuses at earning season which is coming up shortly.
    6 Apr 2014, 01:39 PM Reply Like
  • dancing duke
    , contributor
    Comments (184) | Send Message
    this stock has been pitiful for the last few years.the share price only seems to go down.
    not so for the president who is grossly overpaid.I fail to see why they want osk.
    a typical distraction.
    they should get their own house in order.
    as a shareholder of both i am totally disgusted.
    lastly the total b/s as to why this merger of equals is a good deal, shows their self dealing ,in trying to keep the status quo. will the mines operate any better? i doubt it.
    9 Apr 2014, 03:10 PM Reply Like
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