Feb 4 Osisko Mining Corp said on
Tuesday a Quebec court has scheduled a hearing in early March to
decide if its complaints against Goldcorp Inc, which has
made a C$2.6 billion ($2.35 billion) hostile bid for Osisko,
As a result, Goldcorp said it had extended its bid to March
10 from a previous expiry of Feb. 19.
Osisko said last week it had sued Goldcorp in an attempt to
foil the gold miner's bid, alleging that its suitor misused
confidential information. Osisko has already
advised its shareholders to reject the bid.
The hearing in the Quebec Superior Court has been set for
Goldcorp said in a statement that it had provided an
undertaking to the court to not take up and pay for Osisko
shares until the court's judgment was released.
Vancouver-based Goldcorp, the world's second-biggest miner
based on market value, again denied Osisko's allegations and
said it would vigorously defend its position.
"We are disappointed that Osisko has resorted to baseless
legal claims that serve only to delay a proper bid process,"
Goldcorp President and Chief Executive Chuck Jeannes said.
Jeannes said that a "significant number" of Goldcorp and
Osisko shareholders continued to express support for the
Goldcorp has also undertaken not to challenge Osisko's
shareholder rights, or "poison pill", plan until March 6, Osisko
Lawsuits are a fairly common defensive measure used by
companies facing hostile bids.