January 15, 2014 / 1:46 PM / in 4 years

Osisko says Goldcorp takeover bid 'very low'

TORONTO, Jan 15 (Reuters) - Osisko Mining Corp said on Wednesday it has received and was reviewing Goldcorp Inc’s C$2.6 billion takeover proposal, but viewed the 15 percent premium offered as “very low.”

The Montreal, Quebec-based miner said it will advise its shareholders after its board and financial and legal advisers study the offer.

“Osisko’s board of directors remains committed to delivering superior value for shareholders and all stakeholders, and will continue to pursue all initiatives to that end,” the company said in its statement.

Goldcorp said it chose to proceed with an unsolicited offer after a long series of frustrated attempts to engage Osisko in discussions about a possible deal.

Goldcorp wants to gain control of Osisko’s Malartic gold mine in Quebec. The acquisition of the large, low-grade deposit would boost its proven and probable reserves by some 10 million ounces, but also present perils, including susceptibility to further weakness in the gold price.

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