(Adds details on poison pill expiry)
Jan 4 (Reuters) - Canadian Oil Sands Ltd COS.TO on Monday
urged shareholders again to reject Suncor Energy Inc's SU.TO
hostile bid.
The Alberta Securities Commission had given shareholders
until Jan. 4 to decide how to respond to Suncor's C$4.3 billion
bid, which Canadian Oil Sands has said undervalues the company.
Suncor, Canada's largest oil producer, is not expected to
extend the offer when it lapses on Friday.
"Suncor's substantially undervalued bid is set to lapse, and
when it does they say they will walk away. For all of us, as
shareholders, this scenario reveals a far more compelling and
valuable alternative: Independence," Chairman Don Lowry said in
a letter to shareholders.
The letter comes as Canadian Oil Sands' shareholder rights
plan expires on Monday. The company had adopted the plan, also
known as poison pill, two days after Suncor made the offer in
early October.
Canadian Oil Sands said on Monday it had the financial
resources to weather the steep drop in oil prices.