January 29, 2014 / 10:19 PM / 4 years ago

Osisko sues in attempt to foil Goldcorp's hostile bid

TORONTO, Jan 29 (Reuters) - Osisko Mining said on Wednesday it has sued Goldcorp Inc in an attempt to foil the gold miner’s C$2.6 billion ($2.33 billion) hostile bid, alleging that its suitor misused confidential information.

The lawsuit, which is a fairly common defensive measure used by companies facing hostile bids, comes barely two weeks after Vancouver-based Goldcorp launched its unsolicited takeover bid, aimed at gaining control of Osisko’s huge Malartic gold mine in Quebec.

Montreal-based Osisko in the lawsuit filed in Quebec alleged that Goldcorp misused confidential information and otherwise acted in a manner not permitted by the confidentiality agreement between the parties

Osisko has already advised its shareholders to reject the bid.

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