Osisko Mining said on Wednesday it has sued Goldcorp Inc in an attempt to foil the gold miner's C$2.6 billion ($2.33 billion) hostile bid, alleging that its suitor misused confidential information. The lawsuit, which is a fairly common defensive measure used by companies facing hostile bids, comes barely two weeks after Vancouver-based Goldcorp launched its unsolicited takeover bid, aimed at gaining control of Osisko's huge Malartic gold mine in Quebec.Montreal-based Osisko in the lawsuit filed in Quebec alleged that Goldcorp misused confidential information and otherwise acted in a manner not permitted by the confidentiality agreement between the partiesOsisko has already advised its shareholders to reject the bid.
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 3.83% or $1.02/share to $27.64. In the past year, the shares have traded as low as $21.87 and as high as $37.00. On average, 2989090 shares of G.TO exchange hands on a given day and today's volume is recorded at 4222319.
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 3.69% or $0.88/share to $24.73. In the past year, the shares have traded as low as $20.54 and as high as $36.84. On average, 7979390 shares of GG exchange hands on a given day and today's volume is recorded at 11001772.
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 4.24% or $0.28/share to $6.89. In the past year, the shares have traded as low as $2.98 and as high as $7.18. On average, 4151550 shares of OSK.TO exchange hands on a given day and today's volume is recorded at 3289013.
Source
