Canadian Oil Sands Ltd. (COS) is advising its shareholders to take no action on Suncor Energy Inc.’s revised expiration date for its unsolicited takeover bid for COS. Suncor extended the expiry from Dec. 4 to Jan. 8, 2016. Both companies are based in Calgary.
“Extending the expiry of Suncor’s bid does not change the fact that it is substantially undervalued and opportunistic,” said COS Chairman Donald Lowry. “Nothing else has changed so, as it stands, there is more value for shareholders in a strong, independent COS than there is in this offer.”
In October, COS’s board was to review Suncor’s offer, which was to acquire all outstanding COS shares in a bid valued at $4.3 billion (Can.) (OGJ Online, Oct. 6, 2015).
COS holds a 36.74% interest in the Syncrude project, the largest producer of light, sweet synthetic oil from Canada’s oil sands.