Canadian Oil Sands rejects ‘exploitive’ Suncor overtures

Takeover target Canadian Oil Sands (COS) has urged shareholders to reject a C$4.3-billion hostile offer lodged by joint venture (JV) partner Suncor as the offer substantially undervalued the company and accused its suitor of “highly opportunistic” and “exploitive” behaviour. The COS board stated that Suncor’s offer substantially undervalued its 36.74% stake in the Syncrude JV, one of the largest oil sands operations north of Fort McMurray, in the Northern Alberta oilpatch.