Suncor said it was disappointed after Canadian Oil Sands after it adopted a adopted a shareholder rights plan to defend itself from Suncor’s unsolicited $4.3 billion takeover offer on Monday.
“We’re disappointed but not surprised by COS board’s decision to adopt a new, board-approved shareholder rights plan in the face of our offer. This inappropriate defensive tactic limits the ability of COS shareholders to decide,” said Suncor CEO Steve Williams in a statement.
“When we presented our full and fair offer on Monday, it was a permitted bid and the rights plan in place was a COS shareholder-approved plan. With a 43 per cent premium to market price and investment in a company that has a strong track record of returning cash to shareholders, we’re confident in the value our offer provides to COS shareholders.”
Canadian Oil Sands is up 48% since Suncor’s bid was announced.
Canadian Oil Sands has a 36.74% stake in Syncrude. Suncor’s position is only 12%.
If Suncor’s bid for COS was to be successful, the company would have the largest stake of seven current joint partners that own Syncrude.
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2 Comments
Joe Leroy Gair
” it adopted a adopted a shareholder” need to edit this…
disque1
Quite interesting….given 30+ years in the Bakken, Texas oil patch and Canada in the oil and LNG markets, the calls for “diamonds in the rough” real assets in US domestic production, Canadian and other real “assets” given the lower pricing per bbl at the moment and at least from my perspective, not to last as long as many contend, positioning “assets” for acquisition by the hedge fund operators who are keen and understand that oil prices will not hover at these lows long and with “the oven hot to assure the bread bakes” as they say in the Middle East, given the failed leadership by this biased and divisive White House w/self-serving agenda very much contrary to our nation’s Judeo-Christian principles and our Constitution, as we see an alignment among China-Russia and eventually India and the present support of not only the Muslim Brotherhood but most importantly enabling Tehran to muster WMD and ICBMs for delivery….the control this tainted White House has afforded to the Mullahs will now see more of an alignment in Libya, Egypt, Ethiopia and Yemen and control of the Suez and the Red Sea and ya betcha folks that a play to disrupt oil this winter by the parties mentioned, oil prices to soar contrary to the contentions of others who say prices will stay down…
Noe back to positioning the assets in US production for oops, another hedge fund calling acquiring “assets” which we all know will bring a surge of new revenue to the fellas who richly deserve the earnings given their astuteness and willingness to take risk – contrary to what perceptions good ‘ol Bernie and good ‘ol Ms. Hillary may talk about —
God Bless America!
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