Suncor again extends bid deadline for Canadian Oil Sands

|About: Suncor Energy Inc. (SU)|By:, SA News Editor

Suncor Energy (NYSE:SU) extends its hostile takeover offer for Canadian Oil Sands (OTCQX:COSWF) to January 27 after failing to win the two-thirds support it was seeking from shareholders.

"Since nothing about this bid has changed other than the date, we remain steadfast in our conclusion that there is more value for shareholders in a strong, independent Canadian Oil Sands,” chairman Donald Lowry says.

COS shares closed today at $7.47 in Toronto, ~10% below the value of the bid based on SU’s closing share price, suggesting the bid likely would be unsuccessful.