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News Breaks
February 5, 2014
05:10 EDTGGGoldcorp says Osiko allegations are without merit
Goldcorp refuted allegations made in a Claim filed in Superior Court of Quebec by Osisko Mining on January 29 alleging improper activities related to Goldcorp's Offer to acquire all of the outstanding shares of Osisko. Goldcorp denies the validity of statements made by Osisko representatives that a verbal agreement was reached to extend an expired standstill provision included in a confidentiality agreement between the two companies signed on October 16, 2012. Further, statements made by Osisko representatives in the Claim clearly contradict statements made in the Osisko Directors' Circular dated January 24, 2014 with respect to Osisko's understanding of its obligations and rights under the 2012 confidentiality agreement. Chuck Jeannes, Goldcorp president and CEO, said, "We are disappointed that Osisko has resorted to baseless legal claims that serve only to delay a proper bid process and distract Osisko shareholders from the compelling value that Goldcorp's Offer represents. Osisko has had time to explore all reasonable value-maximizing alternatives and it seems to have chosen instead to try to deny its shareholders the opportunity to tender. A significant number of Goldcorp and Osisko shareholders continue to express support for this transaction and we believe that the best opportunity to maximize the value of the Canadian Malartic mine is within Goldcorp's mine portfolio. To this end we would encourage Osisko to expand its value-maximizing process to include Goldcorp by extending diligence access to us." The Superior Court of Quebec confirmed the timeline of the legal proceedings filed by Osisko last week. The hearing is set for March 3-5, 2014. Goldcorp provided an undertaking to the court to not take up and pay for Osisko shares tendered under the Offer until receipt of judgement following the hearing; accordingly Goldcorp intends to extend the Offer on February 19, 2014 to on March 10, 2014.
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October 15, 2014
07:25 EDTGGCanaccord to hold a conference
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