Montréal, April 16, 2014 ‒ The Board of Trade of Metropolitan Montreal notes that a bidding war is under way to acquire the Quebec mining company Osisko, putting in play the company’s head office in Montréal and its major economic spinoffs for the province and the city.
“The progressively higher bids show that Osisko and its gold assets are worth more than the offer made in January,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal. “This is good news for Osisko shareholders and confirms the long-term development prospects for its projects, particularly the Malartic gold deposit.”
“However, the current dynamic will in all likelihood end in the sale of the only major gold mining corporation in Quebec,” Michel Leblanc said. “Existing regulations were unable to protect a strategic company from the moment a hostile takeover bid was made. We encourage the government to study the recommendations of the Task Force on the Protection of Quebec Businesses, and, if needed, to adopt them, to reinforce the ability of directors of Quebec companies to deal with hostile takeover bids.”
“From the point of view of the city, what is at stake is the loss of a head office,” Michel Leblanc said. “We encourage Yamana Gold and Agnico Eagle – or any other potential buyer – to commit to keeping a governance system for Osisko assets in Montréal and to continuing to do business with the network of local suppliers Osisko has always supported.”
About the Board of Trade of Metropolitan Montreal
The Board of Trade of Metropolitan Montreal is made up of some 7,000 members. Its mission is to represent the interests of the business community of Greater Montréal and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity, and competitiveness. The Board of Trade is Quebec's leading private economic development organization.
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Michelle LLambias Meunier
Advisor, Media Relations
Board of Trade of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
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