On Jan. 11, Steve Williams, Suncor Energy’s president and CEO, provided perspective on the extension of its offer for Canadian Oil Sands Ltd. (COS) before the offer expires at 6 p.m. MT (8 p.m. ET) Wednesday, Jan. 27.
Williams commented, "We are encouraged by the number of shares that have been tendered. We believe strongly in the value of the offer for COS shareholders, including a large premium to the pre-offer price, a 45% dividend increase, and the benefit of owning shares in Suncor, Canada's leading integrated energy company. We have decided to extend the offer in order to allow shareholders to continue to tender to the offer."
D.F. King has been retained as information agent for the offer.
On Jan. 4, in a written statement, Canadian Oil Sands urged shareholders to let Suncor Energy Inc.'s unsolicited “substantially undervalued bid” lapse on Jan. 8.