11:29 AM EDT, 08/13/2024 (MT Newswires) -- BMO Capital Markets on Tuesday downgraded its rating on the shares of Osisko Mining ( OBNNF ) to market perform from outperform and lowered its price target to C$4.90 from C$5.75 following Gold Field's (GFI) C$2.16-billion offer to acquire the company.

" Osisko Mining ( OBNNF ) has agreed to be acquired by Gold Fields ( GFI ) for $4.90/sh, representing a 55% premium to the 20-day VWAP. With this report we are changing our target to match the bid from Gold Fields ( GFI ) and changing our recommendation to Market Perform (from Outperform and $5.75 previously). The deal is expected to close in Q4 2024. Overall, the strong cash bid in our opinion reinforces the quality and scarcity value of the Windfall deposit," analyst Andrew Mikitchook wrote.

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