(All Amounts in U.S. dollars unless stated otherwise)
VANCOUVER, Feb. 4, 2014 /PRNewswire/ - GOLDCORP INC. (TSX: G) (NYSE: GG) today refuted allegations made in a Claim filed in Superior Court of Quebec by Osisko Mining Corporation ("Osisko") on January 29, 2014 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.
"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," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "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."In a hearing held today, the Superior Court of Quebec confirmed the timeline of the legal proceedings filed by Osisko last week. The hearing is set for March 3 to 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 from 5:00 p.m. EST on February 19, 2014 to 5:00 p.m. EST on March 10, 2014. On January 13, 2014 Goldcorp announced an offer to acquire Osisko for C$5.95 per share in cash and shares. Under the terms of the offer, Osisko shareholders will be entitled to receive 0.146 of a Goldcorp common share plus C$2.26 in cash for each Osisko common share. This offer represents a premium of 28% over the 20-day volume-weighted average share price of Osisko from all trading on Canadian exchanges for the period ending January 10, 2014. Goldcorp encourages securityholders of Osisko to read the full details of the Offer set forth in the Circular which contains the full terms and conditions of the Offer and other important information as well as detailed instructions on how Osisko shareholders can tender their Osisko shares to the Offer. For assistance in depositing Osisko shares to the Offer, Osisko shareholders should contact the Depositary, CST Trust Company, who can be contacted at 1-800-387-0825 toll free in North America or at 416-682-3860 outside of North America or by e-mail at firstname.lastname@example.org; or the Information Agent, D.F. King, who can be contacted at 212-269-5550 for all banks and brokerage firms or at 1-800-290-6431 toll-free for all others or by email at email@example.com. For additional information on Goldcorp's offer for Osisko, please visit the Company's website at www.goldcorp.com. About Goldcorp Goldcorp is one of the world's fastest growing senior gold producers. Its low-cost gold production is located in safe jurisdictions in the Americas and remains 100% unhedged.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV