Suncor sharpens criticism of takeover target’s top brass, citing ‘almost no skin in the game’

Suncor Energy has stepped-up its criticism of takeover target Canadian Oil Sands’ (COS’s) management, accusing top brass of having “almost no skin in the game”, yet advising shareholders to reject the hostile takeover offer. “COS board members and management have almost no skin in the game, yet they want you to take a huge risk by rejecting our offer. Despite their overheated rhetoric and claims that COS would be a strong independent company, all COS board members combined (including CEO Ryan Kubik) own less than 0.1% of the company's shares,” Suncor CEO Steve Williams said in a renewed appeal to COS shareholders to accept the takeover offer before the extended deadline of January 8, at 18:00 Mountain Time, had passed.