Deals
Canadian Oil Sands Rejects Suncor Bid, Needing More Time
- Offer from Suncor not a 'permitted' bid under new rights plan
- Suncor made C$4.3 billion unsolicited offer on Oct. 5
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Canadian Oil Sands Ltd. rejected Suncor Energy Inc.’s C$4.3 billion ($3.3 billion) unsolicited offer to buy all of its outstanding shares, citing a need for more time to evaluate it.
The company today announced a new shareholder rights plan, which calls for 120 days to consider bids. "Because Suncor’s offer is open for acceptance only until December 4, 2015 (unless extended or withdrawn by Suncor), it would not be a Permitted Bid under the New Rights Plan," Canadian Oil Sands said in a statement.