Goldcorp offer for Osisko does not include a s. 85 rollover alternative

Goldcorp is offering C$2.26 in cash and 0.146 Goldcorp common shares for each common share of Osisko Mining.  No s. 85 election is offered.

It is unclear whether the disposition of Osisko shares for Goldcorp shares and cash may be treated as an exchange under a Code s. 368(a) reorganization given uncertainties as to whether any subsequent amalgamation will occur as part of an integrated transaction and the number of shares to be tendered to the offer.

Neal Armstrong.  Summary of Goldcorp offer for Osisko under Mergers & Acquisitions – Unsolicted Bids (corporate).