Hostile Suncor bid sees Canada Oil Sands adopt 'poison pill' to buy time

The board of takeover target Canadian Oil Sands (COS) adopted a new shareholder rights plan, or so-called ‘poison pill’ on Wednesday, a direct response to Suncor Energy’s $4.3-billion hostile takeover bid launched on Monday. The ‘poison pill’ was intended to give the board more time to consider and evaluate Suncor's offer and any other unsolicited take-over bid or other strategic alternatives.