January 29, 2014 / 10:20 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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below