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OSKFF vs. ETF Alternatives
Tuesday, Mar 1112:57 PM
Tuesday, Mar 1112:57 PM| 1 Comment
- Osisko Mining (OSKFF +0.3%) urges patience from its shareholders and says it is still pursuing a range of alternative to Goldcorp's (GG +0.4%) hostile C$2.89B takeover offer, a day after Goldcorp said it is extending its offer to acquire all of Osisko’s shares to March 21.
- Osisko countered with a statement reminding its shareholders that a settlement agreement between the two companies stipulates that Goldcorp cannot take up and pay for any Osisko shares deposited to its bid before April 15.
- Osisko shares have been trading well above the implied value of Goldcorp’s offer since the bid was announced Jan. 14.
Monday, Mar 310:57 AM
Monday, Mar 310:57 AM| Comment!
- Osisko Mining (OSKFF +5.1%) agrees to drop its legal effort to block Goldcorp's (GG +2.4%) hostile takeover bid, a possible sign that a rival offer may emerge.
- Osisko says it will allow full due diligence access to its business and assets by April 1 and won’t apply its shareholder rights plan; in exchange, Goldcorp will not to take up and pay for shares deposited in the takeover bid before April 15 unless Osisko announces a transaction with another party.
- In its own announcement, Osisko says it is aggressively pursuing alternatives, suggesting it is part of the reason for the settlement with Goldcorp.
Wednesday, Feb 193:19 PM
Wednesday, Feb 193:19 PM| 4 Comments
- Osisko Mining (OSKFF -3.8%) CEO Sean Roosen again urges shareholders to reject Goldcorp's (GG -2.8%) unsolicited takeover offer and adds that the bid is preventing them from getting a dividend.
- Roosen says Osisko had set the stage for significant dividend policy for 2014, but claims that some of the money is now being spent on lawyers and bankers dealing with the legal challenge against Goldcorp.
- TD Securities downgrades Osisko to Hold from Buy, believing there’s significant risk the Goldcorp offer will fail with an unfavorable court ruling.
- Late Tuesday, GG extended its C$2.89B hostile bid for Osisko to March 10.
Wednesday, Feb 57:45 AM
Wednesday, Feb 57:45 AM| Comment!
- Goldcorp (GG) agrees to effectively freeze its hostile C$2.78B offer for Osisko Mining (OSKFF) as a judge sets a March 3 date for a court trial; Goldcorp also says it won’t buy or pay for any Osisko shares sold into the bid before a judgment from the trial.
- Osisko started the lawsuit to stop the takeover last month, alleging Goldcorp misused confidential data; Goldcorp has denied the allegations.
Thursday, Jan 3010:51 AM
Thursday, Jan 3010:51 AM| Comment!
- Goldcorp's (GG -3.5%) hostile takeover offer for Osisko Mining (OSKFF -3.9%) is turning very hostile, as Osisko takes Goldcorp to court and accuses its bigger peer of using confidential information when it launched its bid earlier this month.
- Goldcorp denies the allegations and plans to defend its position; GG also says Canada's antitrust regulator has indicated it does not intend to challenge the move to acquire Osisko.
- In addition to throwing uncertainty into the takeover battle, the legal action may reduce the likelihood of a friendly deal; investors believe GG will raise its bid, but it may prove tougher to get Osisko to the bargaining table if the company thinks GG misused confidential data.
Wednesday, Jan 2910:59 AM
Wednesday, Jan 2910:59 AM| 2 Comments
- Osisko Mining (OSKFF +2%) says it is in the process of mailing its recommendation to shareholders urging them to reject Goldcorp's (GG +2.7%) hostile takeover offer, which it calls “opportunistic” and undervalued; GG has valued its cash and stock offer at C$5.95/share, but Osisko shares have consistently traded above that level since the offer was announced.
- Osisko CEO Sean Roosen tells the TD Securities Mining Conference in Toronto the C$2.6B bid for his company is not only bad for his shareholders but negative for the entire gold mining sector.
- The CEO says if such low offers become acceptable in the sector, then it's hard to see how portfolio managers can make money investing in emerging growth companies such as Osisko.
Tuesday, Jan 217:49 AM
Tuesday, Jan 217:49 AM| Comment!
- Osisko Mining (OSKFF) is recommending shareholders reject Goldcorp's (GG) C$2.6B hostile takeover offer, saying it "significantly undervalues" its assets, including its flagship Canadian Malartic gold mine in Quebec.
- Analysts have suggested that GG will have to raise its offer if it wants to close the deal, and Osisko has traded well above the $5.95/share implied value of the offer since the stock-and-cash proposal was first announced last Monday; shares closed at $6.47 in Toronto yesterday.
Wednesday, Jan 159:50 AM
Wednesday, Jan 159:50 AM| Comment!
- Osisko Mining (OSKFF -0.6%) says it has received and is reviewing Goldcorp's (GG -1.5%) hostile C$2.6B takeover proposal but views the 15% premium implied by the offer as "very low" and "opportunistic."
- Osisko says it has formed a special committee to study the offer and will communicate with shareholders "as appropriate."
- The deal, if completed, would be the largest in the global gold mining sector since late 2011.
Tuesday, Jan 1412:58 PM
Tuesday, Jan 1412:58 PM| Comment!
- A day after Goldcorp (GG -2.5%) announced its $2.6B hostile bid for Osisko Mining (OSKFF -0.8%), it files a formal bid; based on GG's Jan. 10 closing share price in Toronto, the offer to Osisko shareholders equates to C$5.95/share, a 28% premium over Osisko's 20-day volume-weighted average share.
- GG says Osisko has refused to consider several friendly offers over the last five years.
- Meanwhile, the Montreal Board of Trade urges Quebec's government to ensure a deal would not harm the local economy, citing Osisko's Montreal HQ and $500M of supply contracts it has awarded local businesses for the Malartic mine.
Monday, Jan 1311:28 AM
Monday, Jan 1311:28 AM| 1 Comment
- The big prize in Goldcorp's (GG -2.2%) proposed $2.6B bid for Osisko Mining (OSKFF +20.5%) is the giant Canadian Malartic gold mine in Quebec, which is likely to produce 500K-600K oz./year of gold over its 16-year mine life.
- Osisko had challenges ramping up production, but Goldcorp considers the mine low-risk; during a conference call to discuss the hostile offer, GG says Malartic would be one of its leading mines in terms of free cash flow, production and net asset value, and the mine would benefit from GG's technical and operating expertise (Briefing.com).
- GG says the deal will be immediately accretive on key operating and financial metrics, including free cash flow, operating cash flow, net asset value, gold production and gold reserves.
- TD Securities analyst Greg Barnes thinks a rival bid is unlikely given that other senior gold miners are struggling with "heavier balance sheets and generally weaker multiples” relative to Goldcorp.
Monday, Jan 137:11 AM
Monday, Jan 137:11 AM| 1 Comment
- Goldcorp (GG +0.5%) is offering C$2.26 a share in cash and 0.146 share in stock.
- The offer values Osisko Mining (OSKFF) at C$5.95 a share, or a premium of 15% over its Friday closing price in Toronto.
- The proposal is conditional on acceptance by two-thirds of Osisko's shareholders by Feb. 19.
- It doesn't look like Goldcorp has the acceptance of Osisko's board, with Goldcorp saying that "Our clear preference remains to engage with Osisko." The Canadian company also has a shareholder rights plan.
- The deal will provide Goldcorp with ~10M oz. in gold reserves.
- The transaction is "immediately accretive on key per-share metrics, including free cash flow, operating cash flow, net asset value, gold production and gold reserves," GG says.
- Goldcorp will receive cash that it can use to develop "key growth projects at Cerro Negro, Éléonore and Cochenour over the next 18 months." (Previous) (PR)
Monday, Jan 136:51 AM
Monday, Nov 252013, 12:30 PM
Monday, Nov 252013, 12:30 PM| 6 Comments
- "Free cash flow is king," write Credit Suisse's Anita Soni and Robert Reynolds in their gold company outlook, and those miners who have more of it (see chart) will see the best stock performance. Top picks are Agnico-Eagle (AEM -1.3%), Kincross (KGC -2.4%), and Osisko (OSKFF -2.5%).
- The current price of gold near $1,200 is key, and if the metal stays near that level in 2014, expect Newmont Mining (NEM -3.6%) to consider a dividend cut, and Eldorado (EGO -3.9%) and New Gold (NGD -4.1%) to defer capital-spending plans. Agnico too would have to consider more cost cuts or a dividend trim to avoid drawing on its credit line.
- Iamgold (IAG -2.1%) would have to convince its JV partner to shut down Sadiola or consider exiting the partnership.
Monday, Oct 72013, 11:57 AM
Monday, Oct 72013, 11:57 AM| Comment!
- AuRico Gold (AUQ +3.2%) and Osisko Mining (OSKFF.PK +6.2%) are upgraded to Outperform from Neutral by Credit Suisse.
- The firm notes that AUQ has changed management, transformed its asset base divesting higher cost mines to lower costs mines, revised expectations, and has delivered against targets; market hesitation remains, providing an attractive entry point.
- Osisko's Malartic project is progressing to full production, costs are improving to levels in line with the sector average, liquidity is no longer an immediate concern, and its valuation remains attractive.
- Despite the upgrade, the firm cuts its price target for AUQ to $5 from $5.50; it raises its target for Osisko to $7 from $6.
Thursday, May 92013, 10:51 AMThose wanting exposure to gold producers must pay close attention to both cash costs and balance sheets if they want to avoid ugly surprises, Clarus analyst Jamie Spratt says, suggesting a core holding of low-leverage names with longer-term upside, as they generally can fund their growth internally with relatively stronger free cash flow: ABX, IAG, BAA, OSKFF.PK, DRGDF.PK. |Thursday, May 92013, 10:51 AM| 1 Comment
Tuesday, Apr 162013, 11:58 AMAnalysts at RBC Capital think credit downgrades for some top gold miners are a strong possibility. There's a “moderate probability” Barrick Gold (ABX -0.1%) could trigger a one-notch downgrade at $1,400 gold; at $1,300, Newmont Mining (NEM +1.9%) could get downgraded, and Kinross Gold (KGC +1.8%) could get cut right to junk status. TD Securities also offers similarly disturbing conclusions. (also) |Tuesday, Apr 162013, 11:58 AM| 5 Comments
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