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Wednesday, January 15, 2014

Canada's Osisko says Goldcorp takeover bid 'very low', (TSE: OSK.TO)

Osisko Mining Corp said on Wednesday it was reviewing Goldcorp Inc's unsolicited C$2.6 billion ($2.4 billion) takeover proposal, but considered the 15 percent premium it offered as "very low".The Montreal, Quebec-based gold miner said the bid was opportunistic and it would advise shareholders after its board, financial and legal advisers evaluated 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," said the miner.Goldcorp's cash-and-stock bid for Osisko was worth C$5.95 a share when it was made on Monday, offering Osisko investors a 15 percent premium to the company's closing price on Friday.

Osisko Mining Corporation is engaged in the business of acquiring, exploring, developing and operating gold properties, with interests substantially in Canada. Shares of OSK traded higher by 0.32% or $0.02/share to $6.25. In the past year, the shares have traded as low as $2.98 and as high as $8.05. On average, 3880380 shares of OSK.TO exchange hands on a given day and today's volume is recorded at 8628179.