VANCOUVER – Goldcorp Inc. (TSX:G) said Wednesday that its takeover offer for Osisko Mining Corp. (TSX:OSK) did not meet its minimum conditions and it has allowed the bid to expire.
The senior gold miner also said that it has withdrawn its nominees for the Osisko board of directors that it put forth during its hostile takeover attempt of the smaller company.
Osisko signed a rival friendly offer worth about $3.9 billion last week from Yamana Gold (TSX:YRI) and Agnico Eagle mines Ltd. (TSX:AEM).
The Goldcorp offer was valued at about $3.6 billion. Goldcorp’s offer of $2.92 cash and 0.17 of a Goldcorp common share required at least 50.1 per cent of Osisko’s outstanding shares be tendered by about midnight Tuesday night.
The Yamana-Agnico offer includes $2.09 in cash plus 0.26471 of a Yamana share, 0.07264 of an Agnico-Eagle share and one new share of Osisko valued at $1.20 per share.
Osisko’s main asset is the Canadian Malartic gold mine, northwest of Val D’Or, Que.