Osisko rejects Goldcorp's unsolicited takeover bid

Mon Jan 20, 2014 9:17am EST
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TORONTO Jan 20 (Reuters) - Osisko Mining Corp on Monday rejected an unsolicited C$2.6 billion ($2.37 billion) takeover bid from its larger rival Goldcorp Inc, saying the offer was financially inadequate and not in the best interests of its shareholders.

"Goldcorp's offer significantly undervalues Osisko's world-class Canadian Malartic mine, and the rest of the company's portfolio of high-potential projects in North America," Osisko said in a statement.

The company advised its shareholders to reject the hostile bid and not tender their shares into the Goldcorp offer.