- Canadian Oil Sands (OTCQX:COSWF +55%) is prepared to reject the hostile takeover bid made by Suncor Energy (SU -1.6%) and is unlikely to engage with SU on the basis of the current proposal, Reuters reports.
- Earlier this afternoon, COSWF said it was reviewing the offer and asked shareholders to wait until it has time to respond.
- SU earlier today shook up Canada's oil industry by forwarding an all-stock offer for COSWF, which owns a large stake in Canada's Syncrude project in Alberta.
- "Maybe Suncor comes back with a small sweetener, to maybe save some face and make it look a little bit better, but I don't know if they even need to do that," says 3Macs energy analyst Robert Mark, adding that "my guess is that this deal gets done at the current price."