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ARTICLE · 04 APRIL 2014

Shareholder Value Enhanced Through Sufficient Time To Generate Alternative Transaction

Davies Ward Phillips & Vineberg LLP
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Osisko Mining Corporation announced a superior alternative to Goldcorp's unsolicited offer for Osisko in the form of a partnership with Yamana Gold.

CanadaCorporate/Commercial Law
Kevin Thomson
Kevin Thomson
Neil Kravitz
Neil Kravitz
Peter Hong
Peter Hong
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On April 2, 2014, Osisko Mining Corporation announced a superior alternative to Goldcorp Inc.'s unsolicited offer for Osisko in the form of a partnership with Yamana Gold Inc. resulting in Osisko's shareholders receiving cash and share consideration with an implied value representing a 22% premium to Goldcorp's offer. This transaction was announced 79 days after Goldcorp announced its intention to launch its unsolicited offer.

Osisko was able to afford itself time to complete its auction process and enter into a superior transaction by commencing a proceeding against Goldcorp alleging misuse of confidential information. This litigation was settled with Goldcorp agreeing not to take up shares until April 15, 2014 (92 days after the announcement of the offer) and with Osisko agreeing to waive its shareholder rights plan on the earlier of April 15, 2014 and the date Osisko entered into any third-party transaction.

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