>>> Goldcorp challenges Osisko to find suitor willing to beat its hostile takeov

Goldcorp challenges Osisko to find suitor willing to beat its hostile takeover offer 

Goldcorp Chairman Ian Telfer challenged takeover target Osisko Mining to find a suitor willing to challenge his company's hostile offer worth CAD 3bn (USD 2.692bn), reported The Globe and Mail on 26 March.

Telfer said in an item from the newspaper's Report on Business section not only that Montreal, Quebec-based Osisko has had more than enough time to find a white knight suitor, but also that he doesn't believe that "anyone" will "come in."

According to the report, it has not been north of two months since Goldcorp announced its unsolicited offer, and Osisko is now running out of time. By 1 April, Vancouver, British Columbia-based Goldcorp will be permitted to comb over Osisko's books on its Canadian Malartic gold project in Quebec. Goldcorp, by the middle of April, will be allowed to pick up any stock tendered to its offer.

The report noted that analysts have said that Goldcorp has to table a higher bid if it wants to be successful. Telfer, however, said in a 26 March report from The National Post that it makes no sense to raise the bid since there is no other suitor in the mix. He noted in the report from the newspaper's Financial Post section that there is no "auction" when there is only a single bidder.

Unnamed sources cited in The Globe and Mail report, meanwhile, indicated that Goldcorp, in a bid to win over Osisko shareholders, is mulling over the possibility of holding on to the Canadian Malartic mine and spinning off Osisko's exploration holdings into a separate corporate entity.

However, Osisko CEO Sean Roosen scoffed at the notion of spinning off Osisko's exploration assets, arguing that it would be akin to exchanging "a Ferrari" for "a Buick."

Telfer, whose company has attempted to acquire the Canadian Malartic asset for over five years, said in the report that Goldcorp will probably opt to extend its offer through to 15 April if it's satisfied after the due diligence stage. He said Goldcorp's current bid fully reflects the "value we" currently "see."

According to the report, Goldcorp will benefit from the fact that a lot of the bigger mining companies are not at this time in the position to pursue a large acquisition. For example, Barrick Gold and Kinross Gold, both of which have had to take substantial asset writedowns for previous acquisitions, are unlikely to step forward. Furthermore, analysts said in the report that Agnico Eagle Mines, which previously considered potentially buying Osisko, would find it difficult to go toe-to-toe with bigger rival Goldcorp.

Telfer said in the report that Goldcorp very much covets the Canadian Malartic project, but the company will only pay as much as "makes sense." He added that Goldcorp is open to walking away if need be.



Source The Globe and Mail, National Post

(BFW) *FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB

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BN 03/26 13:49 *FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB BFW 03/26 13:48 *FINK SAYS EUROPE IS MUCH IMPROVED POSITON; DRAGHI OUTSTANDING BN 03/26 13:47 *BLACKROCK'S FINK SEES IMPROVEMENTS IN PERIPHERAL EUROPE BN 03/26 13:47 *FINK SAYS EUROPE IS MUCH IMPROVED POSITON; DRAGHI OUTSTANDING BN 03/26 13:41 *FINK SAYS MORE VOLATILITY AHEAD; MORE RELIANCE ON GOVT. POLICY BN 03/26 13:36 *FINK SAYS MEXICO IS DOING FINE; LEADERSHIP IS HELPING ECONOMY BN 03/26 13:24 *FINK SAYS REGULATION WILL MAKES BANKS BETTER; SOUNDER SAFER BN 03/26 13:24 *FINK SAYS BANKS SHOULD BE TRADING AT HIGHER PE MULTIPLES BN 03/26 13:13 *FINK SAYS WASHINGTON GUILTY OF NOT PROVIDING LONG-TERM THINKING BN 03/26 13:11 *FINK SAYS COMPANIES COULD REINVEST MORE; FOCUS ON LONG-TERM BN 03/26 13:09 *BLACKROCK'S FINK TALKS ABOUT LETTER SENT TO S&P 500 COMPANIES BN 03/26 13:08 *BLACKROCK'S FINK SPEAKS ON FOX BUSINESS WITH BARTIROMO

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*FINK SAYS HE EXPECTS TO SEE MORE STIMULUS FROM ECB 2014-03-26 13:49:43.840 GMT

--JULIE ALNWICK

-0- Mar/26/2014 13:49 GMT

>>> SAP AG Agres to Acquire Fieldglass, the Global Cloud Technology Leader in Co


SAP AG Agres to Acquire Fieldglass, the Global Cloud Technology Leader in Contingent Workforce Management
- The addition of Fieldglass' cloud-based Vendor Management System (VMS) solution meets the growing demand among employers to manage flexible workforces that can be quickly engaged and on-boarded to support rapidly changing business and customer needs.
- . Together, SAP and Fieldglass will provide companies with the software, collaboration tools and networks needed to engage permanent and temporary staff out of the gate and on the fly in new and innovative ways to ensure they have the right people in the right roles at the right times.

- Headquartered in Chicago, Illinois, with approximately 350 employees, Fieldglass' cloud-based solution is used in more than 100 countries and 16 languages. According to Staffing Industry Analysts, Fieldglass is the current VMS market leader in total spend and global footprint.

(BN) *SAP IS SAID TO PLAN ACQUISITION ANNOUNCEMENT AS EARLY AS TODAY

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BN 03/26 13:10 *SAP ACQUISITION IS SAID TO BE VALUED AT AT LEAST $1 BILLION

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*SAP IS SAID TO PLAN ACQUISITION ANNOUNCEMENT AS EARLY AS TODAY 2014-03-26 13:10:37.975 GMT

--KENNETH WONG

-0- Mar/26/2014 13:10 GMT

>>> Oppenheimer discusses 4Q13 network security market recap

Oppenheimer discusses 4Q13 network security market recap

Opco notes, for 4Q13, the overall security appliance market grew to $2.4B or +6.8% YoY. Currently IDC has the overall security market (Firewall/VPN, UTM, IDS/IPS and STAP) growing to $11.8B in 2017. In addition, firm has looked into list prices and believe that ASP trends point to a stable environment (QoQ). Despite the increasing prevalence of virtual and SaaS-based solutions, appliances remain the predominant delivery method of network security solutions. Opco remains positive on CHKP and FTNT, which have significant exposure to these markets. Firm also likes PANW and FEYE, where its Perform rating is mainly valuation-driven.

>>> US Gapping down

Gapping down

In reaction to disappointing earnings/guidance: BODY -22.8%, REED -12.5%, RGSE -9.8%, GEVO -9.7%, IGT -7.4%, LNDC -1.8% (light volume), PNRA -1.7% (also downgraded to Hold at Wunderlich on lower margins).

Select battery related names pulling back: PLUG -5.7%, CPST -3.8%, BLDP -3.7%, FCEL -3.4%.

A few financial names are trading lower: RBS -2%, LYG -1.6% (continued weakness)

Other news: GGS -63.8% (files voluntary Chapter 11 petitions to facilitate financial restructuring), INSM -30.1% (announces results from Phase 2 clinical trial for treatment resistant nontuberculous mycobacterial lung infections; ARIKAYCE did not meet the pre-specified level for statistical significance, however, ARIKAYCE did achieve statistical significance with regard to the clinically relevant key secondary endpoint of culture conversion), EXEL -22.4% (provides update on ongoing COMET-1 Phase 3 Pivotal trial in men with metastatic castration-resistant prostate cancer), GCA -18% ( announces that its cash access agreements with Caesars Entertainment will not be renewed; reaffirms adjusted EBITDA and cash EPS estimates for FY14 ), BFAM -5.4% (announces secondary offering of 7 mln shares of common stock by selling stockholders), SZYM -2.6% (announces proposed offering of $100 mln of convertible senior subordinated notes due 2019 and 5 mln shares of common stock in separate offerings), VEEV -2.1% (prices offering of 12 mln shares of common stock at a price to the public of $26.35 per share by co and selling shareholders), CCL-1.4% (following yesterday's earnings), ESS -1.1% (announces sale of 450,000 shares of common stock under equity distribution agreement), ECYT -1.1% (files mixed securities shelf offering; announces proposed offering of 4.5 mln shares of its common stock; announces proposed offering of 4.5 mln shares of its common stock), ZNGA -0.8% (following FB news), BYI -0.7% (following IGT guidance), BID -0.6% ( issues response to Third Point litigation: 'Continues to believe that the Board's decisions to adopt and maintain the 12-month rights plan are both valid and legal' ), GSK -0.2% (withdraws its MAA to the European Medicines Agency for the use of Mekinist (trametinib) in combination with previously approved BRAF inhibitor Tafinlar (dabrafenib) for treatment of adult patients with unresectable or metastatic melanoma with a BRAF V600 mutation).

Analyst comments: TEF -1.4% (ticking lower; downgraded to Underperform from Neutral at BofA/Merrill), ACI -0.6% and CNX -0.4% (downgraded to Neutral from Buy at UBS), HME -0.3% (downgraded to Neutral from Buy at Citigroup)