Ruling coming in Suncor’s hostile bid for COS
Canadian Oil Sands says more time needed to consider options
CALGARY — The Alberta Securities Commission is set to rule today (Nov. 30) in the case of a hostile bid involving two of Canada’s big oil sands players.
Suncor Energy has asked the regulator to overturn a plan struck by Canadian Oil Sands that gives COS shareholders 120 days – or until early February – to consider Suncor’s $4.5-billion all-stock takeover offer.
If the regulator rules in Suncor’s favour, that would mean the offer would expire on Dec. 4 as outlined in the proposed offer.
Lawyers for COS have argued the company’s shareholders need more time to consider their options, including varying levels of interest expressed by 25 other parties.
But counsel for Suncor have questioned the legitimacy of that interest and told the commission that the extended deadline set out by COS lacks approval from its own shareholders.
Suncor has also warned that it is willing to walk away from the proposed deal, though COS has accused Suncor of issuing passive-aggressive threats in its bid.
© 2015 The Canadian Press