Osisko sues in attempt to foil Goldcorp's hostile bid

Thu, 30 Jan - 8:18am

TORONTO, Jan 29 (Reuters) - Osisko Mining OSK.TO 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 parties

Osisko has already advised its shareholders to reject the bid.

($1 = 1.1151 Canadian dollars)

(Reporting by Euan Rocha; Editing by Bernard Orr)

((euan.rocha@thomsonreuters.com)(+1 416 941 8185)(Reuters Messaging: euan.rocha.reuters.com@reuters.net))

Keywords: OSISKO GOLDCORP/

URN: 
urn:newsml:reuters.com:20140129:nL2N0L32HC:1
Topics: 
INVB CMPNY CLJ CA PREC MINE METL DEAL1 RTRS MIN GDM BMAT GOL REGS MNGISS FINS MET COM BISV LEN JUDIC MRG INVS GEN PREMTL BACT MTAL AMERS

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