Suncor Energy made an unsolicited offer to Canadian Oil Sands Ltd. to acquire all of its outstanding shares for approximately C$4.3 billion. Under the terms of the offer, each COS shareholder will receive consideration of 0.25 of a Suncor share per COS share.
“We believe this is a financially compelling opportunity for COS shareholders,” said Steve Williams, Suncor’s president and CEO. “By accepting this offer, COS shareholders will become investors in Canada’s leading integrated energy company with 50 years of experience in oil sands operations and a track record of returning significant value to shareholders. We’re offering a significant premium to COS’s current market price and also providing exposure to a meaningful dividend increase.”