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Canadian Oil Sands says shareholders should reject Suncor's bid

Published 2015-10-19, 06:54 a/m
© Reuters.  Canadian Oil Sands says shareholders should reject Suncor's bid
COS
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SU
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Oct 19 (Reuters) - Canadian Oil Sands Ltd COS.TO
recommended its shareholders reject Suncor Energy Inc's SU.TO
hostile takeover bid.
Canadian Oil Sands, the largest shareholder in Canada's
biggest synthetic crude project, Syncrude, asked its
shareholders to reject the "undervalued, opportunistic and
exploitive" Suncor offer.
Suncor, Canada's largest oil producer, had offered to buy
the company earlier this month, valuing it at C$4.3 billion
($3.33 billion) as it sought to expand in the country's oil
sands.
Following the hostile offer, Canadian Oil Sands adopted a
poison pill to thwart Suncor's bid.
($1 = 1.2920 Canadian dollars)

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