Suncor Urges Canadian Oil Sands Shareholders to Accept $4.7 Billion Hostile Takeover

The Calgary Herald reported that Suncor Energy (TSX:SU,NYSE:SU) is urging Canadian Oil Sands (TSX:COS) shareholders to disregard the board of directors and accept its hostile $4.7 billion takeover bid.
As quoted in the market news:

Canadian Oil Sands has a record of “underperformance, financial challenges,” and vulnerability to low oil prices, Suncor said in a letter to shareholders Thursday. Suncor’s offer represents a 57 per cent premium on Canadian Oil Sands shares, the company said in a statement.
“The COS Board and management are telling COS shareholders to ‘do nothing’ to protect the value of their investment,” Suncor chief executive Steve Williams said in the statement. “This would be saying no to the premium value of our offer, and the opportunity for greater upside and lower risk as a Suncor shareholder.”
Suncor has asked Alberta regulators to strike down the target’s new shareholder rights plan aimed at preventing its takeover. The Alberta Securities Commission will hold a hearing on Nov. 26 to consider the so-called poison pill adopted by the Canadian Oil Sands board last month. The hearing follows Suncor’s application for an order to cease the new rights plan.

Click here to read the full Calgary Herald report.