Deals
Suncor Extends Canadian Oil Sands Bid as Investors Balk
- Less than two-thirds of shareholders tendered shares: sources
- Suncor announces it will extend its offer by more than 2 weeks
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Suncor Energy Inc. extended its C$4.03 billion ($2.84 billion) hostile bid for Canadian Oil Sands Ltd. for a second time Friday. Two sources familiar with the tender process said Suncor failed to win the two-thirds support it was seeking from shareholders.
Based on early returns, shareholders believed to represent less than half of the shares outstanding voted to accept the offer of 0.25 Suncor shares for each of Canadian Oil Sands’, said one of the people, who asked not to be named because the matter is private. The final totals have yet to be tallied and the outcome could still change as more shares are tabulated, the person said. The offer expired Friday.