Osisko - Virginia Gold Royalties

gold royalty company - 5% NSR on Malartic.

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Goldcorp Steps Away From Osisko Bidding War

posted on Apr 21, 2014 03:36PM

Goldcorp Steps Away From Osisko Bidding War

By Alex Létourneau
Monday April 21, 2014 1:40 PM

Goldcorp Inc. has stepped away from its pursuit of Osisko Mining Corp. (TSX:OSK), stating they would not amend their most recent C$3.6 billion offer.

"We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment," said Chuck Jeannes, Goldcorp president and chief executive officer in a release Monday. "We move forward with an outstanding portfolio of mines and projects, and our focus will remain on maximizing the value of our investments and generating strong returns for our shareholders."

Goldcorp made an initial C$2.6 billion hostile bid in mid-January for Osisko, which was heavily derided by Osisko management.

Yamana Gold Inc. put in a C$3.4 billion at the beginning of the month, which then led Goldcorp to put in a C$3.6 billion bid. Yamana and Agnico Eagle Mines Ltd. then put together a C$3.9 billion bid, which was accepted by Osisko management on April 16.

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