March 3, 2014 / 3:24 PM / 5 years ago

Osisko settles lawsuit with Goldcorp, will allow due diligence

(Reuters) - Osisko Mining Corp (OSK.TO) said it agreed to settle its lawsuit against Goldcorp Inc G.TO and would allow Goldcorp to conduct due diligence related to the larger miner’s hostile C$2.6 billion ($2.35 billion) bid for Osisko.

Montreal-based Osisko’s lawsuit filed in January alleged that Goldcorp “misused confidential information” and acted against confidentiality agreement terms.

Osisko said on Monday that Goldcorp had agreed to not take up and pay - before April 15 - for any shares tendered under its hostile bid.

In return, Osisko will waive the application of its shareholder rights plan for a limited period.

Goldcorp had in February undertaken not to challenge Osisko’s shareholder rights, or “poison pill”, plan until March 6.

Goldcorp launched an unsolicited cash-and-stock bid in January to buy Osisko in a move to gain control of the smaller rival’s Malartic gold mine in Quebec.

($1 = 1.11 Canadian dollars)

Reporting by Ashutosh Pandey in Bangalore; Editing by Kirti Pandey

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