TORONTO Jan 28 The chief executive of Osisko
Mining Corp said Tuesday he has not spoken to anyone at
Goldcorp Inc since shortly before Goldcorp announced last
week it would make an unsolicited takeover bid for the mid-tier
Canadian gold producer.
Osisko CEO Sean Roosen, who described the bid as "very
hostile," said he got a courtesy call about the offer roughly
half an hour before Goldcorp, one of the world's biggest gold
miners, sent out a press release announcing it.
Roosen spoke to media on the sidelines of a conference in
Toronto, where he urged investors to reject the offer. Osisko
has called the 15 percent premium being offered by Goldcorp
"We are five minutes into the first game of a seven-game
series. Don't sell your stock," said Roosen in a lunchtime
presentation at the TD Securities Mining Conference.
Vancouver-based Goldcorp, which wants control of Osisko's
Malartic gold mine in Quebec, said last week it went ahead with
an unsolicited offer after a long series of frustrated attempts
to engage Osisko in talks.
Roosen said he expects portfolio managers will make sure
they are rewarded for the risk they took investing in Osisko
before it had a producing mine. Malartic, Osisko's only mine,
reached commercial production in the spring of 2011.
"If you're going to invest in growth assets and they're
going to trade at a zero premium at the end of the day, that
doesn't really make a business model for portfolio managers," he