Goldcorp (TSX:G,StockForum), a Vancouver-based gold producer engaged in the operation, exploration, development and acquisition of North American precious metal properties, announced today that the company upped its previous offer to acquire all issued and outstanding shares of Osisko Mining (TSX:OSK, StockForum) to $7.65 per share for an approximate total of $3.6 billion.
According to the news release, “Osisko shareholders who tender to the offer will be entitled to receive 0.17 of a Goldcorp common share plus an increase in the cash portion of the Offer to a total of C$2.92 for each Osisko common share. The Offer represents a premium to the closing price of Osisko on April 9, 2014 and a superior alternative to the other proposal.”
Company president and CEO, Chuck Jeannes, commented, “The recent completion of our due diligence process has confirmed the technical and financial merits of our decision to acquire Osisko.”
He went on to illustrate, “We also remain excited about the opportunity to significantly expand our presence in Quebec. Goldcorp's increased offer represents straightforward and superior value for Osisko shareholders, while ensuring accretion on key per-share metrics for Goldcorp shareholders.”
Then he finally concluded, “Osisko shareholders will retain continued exposure to a consolidated and unencumbered interest in the Canadian Malartic gold mine and will participate in Goldcorp's growing portfolio of world-class assets. The choice is clear for Osisko's shareholders.”