TORONTO, Oct 5 (Reuters) - Canadian Oil Sands COS.TO is
set to reject a hostile takeover bid from rival Suncor Energy
SU.TO , according to a source who is familiar with the
situation.
The source, who is not authorized to publicly discuss the
matter, said that the company is also unlikely to engage with
Suncor on the basis of the current proposal.
Suncor earlier on Monday put forward an all-stock offer for
Canadian Oil Sands, which owns a large stake in Canada's largest
synthetic crude project, Syncrude, in northern Alberta. Shares
of Canadian Oil Sands surged more than 48 percent on the TSX
following the offer.