Globe says Osisko emphatically rejects Goldcorp offer 2014-01-21 08:15 ET - In the News Also In the News (C-G) Goldcorp Inc (2) The Globe and Mail reports in its Tuesday edition Osisko Mining has issued a harshly worded rejection of Goldcorp's hostile $2.6-billion bid for its smaller rival. The Globe's Bertrand Marotte writes Osisko's board unanimously recommends shareholders reject the offer Goldcorp launched on Jan. 14, calling it "financially inadequate" and saying it "significantly undervalues" Osisko's main asset, the Canadian Malartic gold mine in Quebec. Osisko also argues Canadian Malartic is entering what it expects to be its most productive years. Goldcorp is offering a "meagre 15 per cent" premium based on the closing prices of Osisko and Goldcorp on Jan. 10. The cash and stock offer is also being offered at a discount to the current trading price of Osisko shares. Contrary to Goldcorp's claims that Osisko repeatedly rejected friendly offers to merge and refused to provide key information after a confidentiality agreement in 2008, Goldcorp never produced a "credible proposal," said Osisko. As well, Goldcorp has underdelivered when it comes to developing its own assets, citing the Eleonore project in Quebec, the Cerro Negro project in Argentina and the Cochenour project in Ontario, according to Osisko's board. © 2014 Canjex Publishing Ltd. All rights reserved.