Canadian Mining Journal

News

OIL SANDS: Suncor wrapping up acquisition of COS


CALGARY – Suncor Energy’s offer for all the common shares of Canadian Oil Sands has expired, with 84.2% or 408.1 million COS shares tendered to the offer. For each share held, COS investors will receive 0.28 of a Suncor share, implying a value of $9.49 per COS share.

On Feb. 22, 2016, COS entered into an amalgamation agreement with Suncor and certain wholly owned subsidiaries. A special meeting of COS shareholders will be held to consider this transaction on March 21, 2016, at 10:30 am (MT) at the Telus Convention Centre, 120 – 9th Avenue SE, in Calgary, AB. Since Suncor will control more than two-thirds of the COS shares, all items on the agenda will pass. COS shares are to be delisted from the TSX and its business absorbed by Suncor Energy Ventures Corp., a Suncor subsidiary.

Investor inquiries should be directed to 800-558-9071 or invest@Suncor.com.