Osisko CEO says Goldcorp likely to walk away from takeover bid

Osisko Mining (OSKFF +1.3%) CEO Sean Roosen predicts Goldcorp (GG +2.4%) will end up walking away from its hostile takeover attempt because it won't be able to raise its bid for Osisko enough to trump last week's offer from Yamana Gold (AUY +1.2%).

Goldcorp had "painted themselves in a corner" by telling shareholders repeatedly that they would not overpay for Osisko and now it will be hard to come back, Roosen says.

The CEO adds that some in-house problems had cropped up recently for GG, including the suspension of operations last week at its Los Filos mine in Mexico and the filing of a technical report on its Eleonore project in Quebec, which Roosen says was "not exactly a stellar outcome."

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Comments (4)
  • dancing duke
    , contributor
    Comments (181) | Send Message
    Rosen should spend his energy on running osk.With his new partner he will probably wish gg was the winning bid.Either way osk will never be the same
    8 Apr 2014, 02:29 PM Reply Like
  • Maobama
    , contributor
    Comments (487) | Send Message
    I agree. Roosen is celebrating the fact that he'll keep his job and perks. Only time will tell whether this deal will work out, I am not optimistic. He should just keep his big mouth shut. Everyone knows his game.
    8 Apr 2014, 02:33 PM Reply Like
  • KinshipB11
    , contributor
    Comments (2) | Send Message
    It seems to me that Roosen appealed to the state (Quebec) for their support to intervene in a voluntary private transaction. The action of government intervening in transactions between private property owners is called Fascism. This tactic does not look good on Roosen. I think the owners of Osisko deserve better. As owners, the shareholders should decide what is in their best interest.
    8 Apr 2014, 09:35 PM Reply Like
  • KinshipB11
    , contributor
    Comments (2) | Send Message
    The Osisko shareholders will be the primary losers if Goldcorp withdraws its offer.
    9 Apr 2014, 12:26 AM Reply Like
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