YAMANA GOLD $9.18 (Toronto symbol YRI; TSINetwork Rating: Speculative) (416-815-0220; www.yamana.com; Shares outstanding: 753.3 million; Market cap: $7.1 billion; Dividend yield: 1.7%) recently teamed up with Osisko Mining (symbol OSK on Toronto) to thwart a hostile takeover of Osisko by Goldcorp (symbol G).
Yamana bid $1.4 billion in cash and shares for 50% of Osisko, which owns the Canadian Malartic mine in Quebec. Canadian Malartic produced 475,277 ounces of gold in 2013.
However, Goldcorp has now raised its bid to $3.6 billion in cash and shares for all of Osisko. Yamana’s offer, combined with contributions from two of Canada’s largest pension funds in the form of a loan and the purchase of a 37,500-ounce-per-year gold stream, valued Osisko at $3.4 billion.
The company and its pension fund partners will now need to decide if they want to raise their bid. If Goldcorp wins, however, Osisko will have to pay Yamana a $70-million break fee.
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