The hostile takeover bid by Goldcorp Inc. (TSX:G) for Osisko Mining Corp. (TSX:OSK) suffered a setback February 4, when a Quebec court granted Osisko's application to sue Goldcorp for allegedly misusing confidential information.
But the Vancouver mining giant sent a message this morning (February 5) that it is not giving up. As the trial has been set for early March, Goldcorp has extended its takeover bid on the Quebec-based gold mining company from February 19 to March 10.
Last month, Goldcorp launched the unsolicited $2.6 billion takeover bid on Osisko, which the company rejected, calling the offer "opportunistic." Goldcorp is offering $5.95 per share. (Osisiko's shares were trading at around $6.57 at 12 p.m. EST February 5.)
Osisko filed suit in Quebec Superior Court on January 29, alleging Goldcorp "misused confidential information and otherwise acted in a manner not permitted by the confidentiality agreement between the parties," an Osisko press release states.
On Tuesday, the court granted Osisko's application and set a trial date of March 3 to 5, 2014.
In a press release, Goldcorp said it "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."
"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," Goldcorp CEO Chuck Jeannes said in the release.
