Suncor Energy and Canadian Oil Sands Ltd. (COS) have reached an agreement for Suncor to purchase all of the shares of COS. Under the terms of the agreement, Suncor increased its original offer to 0.28 of a Suncor share for each COS share. The amended offer would value the transaction at about $6.6 billion including an estimated COS debt of $2.4 billion.

“Since Suncor made its initial offer, our board has remained steadfast in our commitment to maximize value for all shareholders. This agreement fulfills that commitment, providing our shareholders with a higher exchange ratio for their shares despite a 37% decline in spot oil prices,” said Don Lowry, chairman, Canadian Oil Sands. “Our shareholders clearly signaled they expected more for their COS shares, and the board has worked to secure that under very challenging circumstances. Given the current market for energy equities, we recommend shareholders tender their shares to Suncor’s improved offer.”

The amended offer includes an extension, which is anticipated to be until 4 p.m. (MST) on February 5.