Suncor Extends Canadian Oil Sands Bid as Investors Balk

Updated on
  • Less than two-thirds of shareholders tendered shares: sources
  • Suncor announces it will extend its offer by more than 2 weeks

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.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.