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Miner Osisko says Quebec court to hear suit against Goldcorp
February 5, 2014 / 2:00 AM / 4 years ago

Miner Osisko says Quebec court to hear suit against Goldcorp

Feb 4 (Reuters) - 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, have merit.

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 March 3-5.

A Goldcorp spokeswoman said Goldcorp’s bid, which is scheduled to expire on Feb. 19, would need to be extended.

Osisko said Goldcorp had undertaken not to take up and pay for Osisko shares tendered to the bid until the court’s judgment was released.

Goldcorp has also undertaken not to challenge Osisko’s shareholder rights, or “poison pill”, plan until March 6, Osisko said.

Lawsuits are fairly common defensive measure used by companies facing hostile bids.

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