Goldcorp, the world’s second-largest gold mining company, has confirmed that they will not upsurge their C$3.6 Billion bid to acquire Osisko Mining, a Quebec-based mining company.

Goldcorp plans to increase its gold output to up to 50%, therefore, acquiring Osisko could possibly make it possible. It could be a good option as they may be able to gain control of the bountiful Canadian Malartic mine which Osisko owns.

The offer will expire tomorrow, Tuesday.

Goldcorp president and CEO Chuck Jeannes said: “We stated from the beginning of this process that we would remain disciplined with respect to our offer to acquire Osisko, and our decision not to amend the offer is consistent with that commitment.”

However, according to Osisko, Goldcorp’s offer is not beneficial to its shareholders. They sought for other options, thus, resulting to the “friendly-merge” Latin America-focused precious metals miner Yamana Gold and Canadian gold miner Agnico Eagle. The two company bid C$3.9-billion, or C$8.15 a share.