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MONTREAL/TORONO — Goldcorp Inc. is raising its hostile bid for Osisko Mining Corp. to $7.65 per share or $3.6-billion in an attempt to knock out a friendly deal between Osisko and Yamana Gold Inc.
Vancouver-based Goldcorp said on Thursday its offer now stands at 0.17 of a Goldcorp common share plus an increase in the cash portion of its offer to $2.92 for each Osisko share, from 0.146 and $2.26 respectively.
Goldcorp’s previous unsolicited bid was valued at about $6.30 per share. The agreement between Montreal-based Osisko, Yamana and two of Canada’s biggest pension funds is valued at $7.57 a share. The key asset Goldcorp is after is Osisko’s Canadian Malartic gold mine in northwestern Quebec.
Osisko chief executive officer Sean Roosen said Goldcorp’s offer is an improvement but does not sufficiently value Malartic’s potential. “It’s more respectful but it certainly doesn’t offer the same potency and the upside to Canadian Malartic that the Yamana-Osisko bid does,” he said in an interview.