Osisko Mining Corp rejected on Monday an unsolicited C$2.6 billion ($2.37 billion) takeover bid from rival Goldcorp Inc, saying the offer was financially inadequate and not in the best interests of its shareholders.The rejection, which sets the stage for a possibly bruising takeover battle between the two Canadian gold miners, came as no surprise. In its preliminary response to the bid last week, Osisko said the 15 percent premium being offered by Goldcorp was "very low"."Goldcorp's offer significantly undervalues Osisko's world-class Canadian Malartic mine, and the rest of the company's portfolio of high-potential projects," the Montreal-based miner said in Monday's statement.It also reported 2013 production results, which showed a 22 percent increase in gold output in the year, and an 11 percent decrease in cash costs.
Goldcorp Inc. (Goldcorp) is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America. Shares of G traded higher by 1.22% or $0.31/share to $25.74. In the past year, the shares have traded as low as $21.87 and as high as $38.33. On average, 3038390 shares of G.TO exchange hands on a given day and today's volume is recorded at 628992.
Goldcorp Inc. (Goldcorp) is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico and Central and South America. Shares of GG traded higher by 3.85% or $0.86/share to $23.17. In the past year, the shares have traded as low as $20.54 and as high as $38.61. On average, 7905920 shares of GG exchange hands on a given day and today's volume is recorded at 10515862.
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 0.15% or $0.01/share to $6.48. In the past year, the shares have traded as low as $2.98 and as high as $7.90. On average, 4121590 shares of OSK.TO exchange hands on a given day and today's volume is recorded at 1273967.
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