The chief executive of
Osisko Mining Corp. (
TSX: T.OSK,
Stock Forum) said Tuesday it will be tough for
Goldcorp Inc. (
TSX: T.G,
Stock Forum) to raise its bid for Osisko by enough to trump a rival deal, and it is more likely that the gold producer will walk away from the transaction.
In an interview with Reuters, Sean Roosen was referring to the difference in value between Goldcorp’s $2.6 billion hostile cash and shares bid for Osisko launched in January, and a rival “while knight” bid for Osisko by
Yamana Gold Inc. (
TSX: T.YRI,
Stock Forum) unveiled last week.
Osisko has rejected Goldcorp’s bid, calling it too low.
“It will be very hard for them to come back. There is over a $1 gap in their bid right now,’’ Roosen said in an interview.
Osisko features Yamana heavily on its website, talking about the partnership as if it's a done deal, calling it "a new partnership in North America."
Osisko rose 1.4% to $7.34, leaving a market cap of $3.2 billion, based on 439.6 million shares outstanding. The 52-week range is $7.96 and $2.98.