NEW YORK (TheStreet) -- Goldcorp (GG), the world's second-largest gold miner by market value, dipped Thursday after the company increased its buyout offer for fellow Canadian company Osisko Mining Corp. to surpass Yamana Gold's (AUY) bid.
Goldcorp increased its hostile offer to C$3.6 billion, or $3.3 billion, as it tries to take control of Osisko's Canadian Malartic gold mine in Quebec. This new offer equates to C$7.65 a share, up from a previous offer of C$5.95 a share. Earlier in April, Osisko revealed Yamana's bid for 50% of its assets, which valued Osisko at approximately C$3.3 billion, or C$7.60 per share.
Osisko CEO Sean Roosen told Reuters on Tuesday that it would be difficult for Goldcorp to beat Yamana's offer.
Goldcorp was down 3.01% to $24.81 at 11:25 a.m.
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Separately, TheStreet Ratings team rates GOLDCORP INC as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLDCORP INC (GG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."