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Canadian Oil Sands granted one more month to fend off Suncor’s hostile bid –

by ahnationtalk on December 1, 2015384 Views

November 30, 2015

Syncrude’s $1.9 billion centrifuge plant, currently under construction. (Image courtesy of Syncrude, via Flickr)

Canadian Oil Sands (TSX:COS) has just over a month to hold off Suncor Energy (TSX, NYSE:SU) and its hostile bid, says the Alberta Securities Commission which ruled late afternoon today.

The commission said COS’s poison pill provision must expire by Monday, Jan. 4, 2016.

Suncor, which is Canada’s largest oil producer, has asked the regulator to dismantle a so-called poison pill — an anti-takeover measure — adopted by COS directors in October in response to its $3.3 billion (Cdn $4.3bn) hostile takeover bid.

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