Deals
Suncor Seen Needing to Raise Canadian Oil Sands Bid
- Suncor extends to Jan. 27; said to get 40-50% interest
- Bid premium over Canadian Oil Sands hit 14% last week
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Suncor Energy Inc. will probably need to sweeten its bid for Canadian Oil Sands Ltd. after failing to convince enough shareholders to accept a C$4.03 billion ($2.84 billion) offer that management repeatedly rejected for undervaluing the company.
Between 40 percent and 50 percent of shareholders opted to accept the offer of 0.25 Suncor shares for each of Canadian Oil Sands’, according to people familiar with the matter, who asked not to be named because the matter is private. That’s short of the two-thirds of the shares Suncor was looking for.