Suncor not ruling out sweetening offer for Canadian Oil Sands – Mining.com

January 5, 2016

Suncor Energy (TSX, NYSE:SU), Canada’s largest oil and gas company, has not ruled out raising its offer to acquire Canadian Oil Sands (TSX:COS), CEO Steve Williams has confirmed.

In an interview with The Wall Street Journal (subs. required) Monday, Williams said that while he thinks the offer is fair, Suncor has not closed the door on additional incentives to win over more investors.

His comments contradict the message Suncor sent COS shareholders last month, when it said that if it did not receive substantial support for its offer on Jan. 8, the company would “pursue other opportunities.”

COS adopted a poison pill two days after Suncor made its unsolicited all-stock offer in early October, which valued the company at $4.3 billion. Such bid has been repeatedly branded as “substantially undervalued” by COS, which asked shareholders Monday to allow it to remain an independent company.

Read More: http://www.mining.com/suncor-not-ruling-out-sweeting-offer-for-canadian-oil-sands/