Osisko Mining CEO Sean Roosen rips Canada’s "predatory" takeover process

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

After getting the best deal he could for Osisko Mining (OSKFF) with the friendly $3.9B combined offer from Yamana Gold (AUY) and Agnico Eagle Mines (AEM), thwarting Goldcorp's (GG) out-of-the-blue hostile offer, CEO Sean Roosen lashes out at the Canadian system that led to the outcome.

"The bigger companies basically have free range to rape and pillage," Roosen says, believing large companies benefit from rules requiring Toronto-listed bidders to win approval from their own shareholders for an acquisition being paid for with a new share issue equal to more than 25% of the current float.

Poison pills in Canada are limited in duration, unlike in the U.S. where they can, at least in theory, last forever.