Canadian Mining Journal

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OIL SANDS: Suncor’s sweetened bid for COS succeeds


CALGARY – Suncor Energy has sweetened  its bid for Canadian Oil Sands and finally received the support of COS directors. Suncor amended its offer to 0.28 of a Suncor share, from 0.25 of a share, for each COS share.

Suncor’s latest offer has an aggregate value of about $6.6 billion, including an estimated $2.4 billion of COS debt.

Suncor made its original offer for COS in October 2015. Since that time, the COS board insisted that the offer was too low and stubbornly refused to agree to the terms. Suncor extended its deadline twice, and the offer is now set to expire on Jan. 27, 2016.

Details of the offer and how to tender shares is posted at Suncor.com.