Goldcorp Inc. (GG: Quote,G.TO: Quote) announced Wednesday that it intends to nominate eleven directors to board of Osisko Mining Corp. (OSK.TO: Quote).
Goldcorp’s directors nominees include John Bell, Beverley Briscoe, Peter Dey, Douglas Holtby, Timo Jauristo, Charles Jeannes, Clement Pelletier, Randy Reifel, Ian Telfer, Blanca Treviño and Kenneth Williamson.
All of the Goldcorp nominees other than Clement Pelletier, who is nominated for election as a director of Goldcorp at its upcoming annual and special meeting, are currently directors or officers of Goldcorp. All of the Osisko shares Goldcorp acquires pursuant to its outstanding offer will be voted in favour of the Goldcorp nominees.
Goldcorp said it will nominate the directors for election to the Board of Directors of Osisko at Osisko’s upcoming annual and special meeting to be held on May 20, 2014.
On April 10, 2014, Goldcorp increased its previous offer to acquire all of the outstanding common shares of Osisko to C$7.65 per Osisko share for a total consideration of approximately C$3.6 billion.
Earlier today, Agnico Eagle Mines Limited (AEM: Quote,AEM.TO: Quote), Yamana Gold Inc. (AUY: Quote,YRI.TO: Quote) and Osisko Mining Corp announced Wednesday that they have entered into an agreement by which Agnico Eagle and Yamana will jointly acquire 100% of Osisko’s issued and outstanding common shares for total consideration of approximately C$3.9 billion, or C$8.15 per share. The offer represents approximately an 11% premium to the implied value of the current Goldcorp hostile bid.
The total offer consists of about C$1.0 billion in cash, approximately C$2.33 billion in Agnico Eagle and Yamana shares, and shares of a new company or “Spinco”, with an implied value of about C$575 million.
