Osisko CEO says Goldcorp likely to walk away from takeover bid

|About: Osisko Mng Inc (OBNNF)|By:, SA News Editor

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."