Canadian Oil Sands board to review Suncor’s unsolicited takeover offer

The board of Canadian Oil Sand Ltd. (COS) reported it will review the unsolicited takeover offer made Oct. 5 by Suncor Energy Inc., Calgary. Suncor’s offer to acquire all the outstanding shares of COS is valued at $4.3 billion (Can.).

Under the offer’s terms, each COSL shareholder would receive 0.25 of a share of Suncor for every share of COS, Suncor reported.

COS urged its shareholders “not to take any action or make any decision with regard to the Suncor offer until the board has had an opportunity to fully review the Suncor offer and to make a recommendation as to its merits.”

Steve Williams, Suncor president and chief executive officer, called his company’s offer a “financially compelling opportunity” for COS shareholders.

COS holds a 36.74% interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada’s oil sands.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...